Problem: Collecting current loss exposure information prior to an insurance renewal was a painful, time-consuming process for a global high-tech manufacturing company.
Historically, risk managers used spreadsheets to gather and disseminate important exposure data – which is particularly challenging for a company like this with a large volume of exposures, multiple exposure types, numerous individuals providing information, and a small team consolidating what was submitted. The company wanted to improve the data collection process and eliminate previous frustrations.
Solution. The company turned to Riskonnect to collect exposure data – including headcount, payroll, and asset values – at two different points in the year for its annual insurance renewal. More than 300 data points are collected in multiple currencies across 15 insurance coverages worldwide. Users are able to easily enter data using intuitive, survey-style questionnaires – and they can simultaneously add new properties and deactivate properties no longer in use.
The company also was able to integrate four previously separate systems into the Riskonnect ClearSight platform and incorporate other processes, such as premium allocations, auto alerts and notifications, and dashboards.
Results. Collecting data in single, easy-to-use source has helped the company not only improve data quality but better understand its risk portfolio. ClearSight dashboards and reporting capabilities offer faster, more complex analysis and real-time insights. Top executives now can more easily visualize the company’s exposures – and everything is already formatted and ready-to-go in market submissions. Best of all, underwriters now have all the information they need to properly price coverage.