It’s no secret that insurance policy management often involves arduous and time consuming administrative processes that hold risk managers back from being more productive and strategic. Risk management technology can help you streamline those processes so you can make a greater impact.
Could your policy management process be faster, easier?
To determine whether the policy management process at your organization needs improving, ask yourself the following questions:
- Do you fear gaps in coverage?
- Do you have rear-view visibility into your policies, coverages and policy sub-deductibles — instead of an immediate and real-time view?
- Do you have to proactively check whether your claim aggregates are approaching your limits?
- Are you spending a large percentage of your time handling the administrative minutia involved with managing policies and allocating premiums?
- Do you feel your premium allocation process is riddled with errors?
- Do you feel it’s difficult to track policy and premium changes and their resulting impacts?
How does risk management technology improve policy management?
If you answered yes to any or several of these questions, it doesn’t have to be this way. Risk management technology can help streamline how you manage policies and allocate premiums — all the while helping to reduce errors that stem from redundant and manual data entry and analysis. More specifically, risk management systems can:
Synthesize Data: Having all your policy and premium information in one dynamic environment — whereby data can be imported or uploaded into the system in a multitude of ways — creates tremendous efficiencies: It alleviates you from digging for data in rows and columns of spreadsheets, as well as spares you from duplicative data entry. This reduces data input errors, therefore improving the quality of policy and premium data, and the decision making around that information.
Capture Data Visually: If you’re faced with multiple carriers and brokers, multiple coverages and multiple limits, a visual reference for your policy details could be a big help. The right risk management technology will offer visual, color coded policy maps that are intuitive and easy to understand. Even better, this at-a-glance understanding of your policies and premiums doesn’t necessitate spending long hours creating reports and policy maps. The images are directly tied to your data, and change when your data changes–giving you real-time visibility into your policies, coverages and policy sub-deductibles.
Automatically Alert You of Changes: Just as your real-time data can populate eye-catching policy maps, it can also automatically trigger alerts with the right risk management technology. For instance, you can receive automatic alerts when claim aggregates approach their limits. You establish the thresholds and configure the types of updates that go out, and to whom they should be delivered. The system takes it from there — routing alerts and any potential action items to the appropriate stakeholders at the right time. This takes away the burden of having to continually and proactively track reserves and losses against your policies and limits.
Insurance policy management doesn’t have to be a nightmare. In fact, it can be more like Nirvana with risk management technology that improves how you model coverages, allocate premiums, and track erosion in real time — enabling you to be transparent and responsive to senior management, and proving your tremendous value to the organization.