Renewals

Without an appreciation of your risk needs and how to use insurance, you are left buying an insurance product that the markets are prepared to sell, as opposed to selling the insurable risk that you do not want to retain.

The task of collating a company’s renewal information is an important aspect of preparing the market submission and this can be a very time-consuming process. Information needs to be collated from various regions and divisions in a timely, efficient manner and a consistent format. Traditionally, an Excel-based questionnaire is sent out for various parties to complete, the results of which are then ‘cut and pasted’ together and sense-checked.

However, RiskConsole can dramatically reduce the errors and time spent on this annual process through online questionnaires. The data can be validated by a central resource before being ‘submitted’ for collation.

Process

1. On-line questionnaire(s) are created in RiskConsole for each division and current values are populated from the appropriate module (e.g. property module for property values, organisation module for casualty values)
2. Login details are sent to users and upon login, each user is provided with specific tabs to show instructions and questionnaire(s) for them to complete
3. On completion of the questionnaire, the risk manager can review results and when validated, the questionnaire data is loaded into the relevant modules
    

Key benefits

• eliminate the need for various spreadsheets and the associated costs with the old manual, time consuming process
• questionnaires are sent easily via email to the designated recipients within the business
• the forms are designed in a logical fashion with simple definitions that should enable faster and more comprehensive completion
• during the review process, the risk manager can be alerted to large variances allowing for validation of the figures before they are submitted
• automatic email reminders can be sent to users before due date and when over-due, based on the client’s criteria, reducing the intervention and chasing required by the risk manager
• renewal reports and analysis can be generated, for example highlighting year on year exposure and expiring value movements
• develop a more engaged recipient community, as the online forms are presented in a less cumbersome and more user-friendly way compared to existing processes
• gain confidence that the data is accurate and auditable