RELX uses Riskonnect RMIS software to centralize insurance exposure data, standardize its global renewal questionnaires, and consolidate claims data — giving a three-person risk team full ownership of the insurance renewal process across 180 countries.
EXECUTIVE SUMMARY
Challenge: What insurance renewal challenges was RELX facing?
- Small team, global scale. RELX’s three-person risk team manages insurance for 36,000+ employees in 180 countries and territories.
- No control over format. The finance system collected only raw numbers, with no control over reporting or format.
- Insurer requirements unmet. Data collection couldn’t be tailored to insurer requirements or add context to exposure values.
- Inconsistent data. Unstructured data was hard to keep complete, comparable year over year, and insurer-ready.
Solution: How did Riskonnect’s RMIS software address those challenges?
- Centralized exposure data. Riskonnect RMIS centralizes exposure data across D&O, professional indemnity, liability, property, and business interruption renewals.
- Standardized questionnaires. The team issues 100+ renewal questionnaires yearly through Riskonnect across divisions and countries.
- Automatic currency conversion. Riskonnect applies standardized exchange rates to local-currency figures for consolidated reporting.
- Automated validation. Riskonnect’s custom reports and validation rules flag anomalies for review before broker submission.
- Consolidated claims feeds. Automated third-party administrator feeds into Riskonnect show claim volumes and loss ratios across regions.
Results: What business results did RELX achieve with Riskonnect?
- Predictable renewals. With Riskonnect, RELX runs an efficient renewal process with accurate data and fewer insurer queries.
- Full process ownership. Tailored questionnaires and custom reporting give the team full control over market submissions.
- Higher-value conversations. Insurer discussions have shifted from reconciling numbers to coverage structure, limits, and terms.
- A decade of comparable data. More than a decade of detailed exposure data gives insurers a stable view of risk.
- Focus on strategy. With data collection now routine, the team focuses on placement strategy and broker engagement.
Challenge: Managing Insurance Renewals for 36,000+ Employees with a Three-Person Team
“We wanted something that made the renewal process completely ours, not just an add-on to a finance system.”
RELX is a global provider of information-based analytics and decision tools. Its small, three-person insurance and risk team manages its claims and complex insurance portfolio for the entire organization, with more than 36,000 employees across 180 countries and territories.
In the past, the team relied on its finance system to gather insurance exposure values and data. That approach quickly showed its limitations.
“We had no control or oversight of the format,” says Samantha Brown, insurance and risk analyst at RELX. “We had no influence over reporting, and we could only collect the raw numbers. We couldn’t customize anything.”
That lack of flexibility made it difficult to tailor data collection to broker and insurer requirements, restricting the team’s ability to provide context for those raw values.
Without a consistent structure, the insurance team struggled to ensure data was complete, comparable year over year, or aligned with how insurers evaluate risk.
“We wanted something that made the renewal process completely ours,” Brown explains, “not just an add-on to a finance system.”
At the same time, RELX was reviewing its broker relationship and reassessing the depth and quality of data provided to insurers. That moment created an opportunity to rethink how the organization managed insurance data across regions, currencies, and lines of coverage.
Solution: A Standardized, Owned Approach to Global Insurance Renewals
“We had no control or oversight of the format. We had no influence over reporting, and we could only collect the raw numbers. We couldn’t customize anything.”
RELX selected Riskonnect’s risk management information solution to centralize its exposure data and streamline its renewal process for directors and officers liability, professional indemnity, general liability, property damage and business interruption insurance.
When RELX first implemented the platform, the team used built-in templates as a starting point and worked with its broker to determine what information insurers required to price the risk. With those guidelines in mind, RELX designed its renewal questionnaires to consistently capture that information each year.
RELX issues more than 100 renewal questionnaires annually across multiple divisions and countries. Regional finance leaders enter the data in their local currencies. The software automatically applies standardized exchange rates to produce consolidated financial reporting, improving accuracy and auditability.
After the questionnaires are completed, custom reports and validation rules identify anomalies or unexpected changes in submitted data, and the team immediately investigates any issues. Once divisional leaders review and sign off, the information is sent to the broker for market submission.
RELX also consolidated its claims data with automated feeds from third-party administrators, and standardized uploads mean the data is always fresh. The team also now has visibility into claim volumes and loss ratios across regions for better oversight and renewal preparation.
Results: Predictable Renewals, Full Ownership, and a Decade of Comparable Data
“For us, the efficiency gains are real. We’re no longer restricted by reporting or format. We’ve been able to make it our own. We have true ownership of the process.”
RELX now runs a renewal process that’s predictable and efficient. The streamlined renewal data collection process provides clear and accurate data resulting in fewer insurer queries during placement.
“It runs very smoothly now,” says Brown. “It just works.”
The insurance and risk team now has control over renewal data with tailored questionnaires, customized reporting, and automatic currency conversions – all of which have boosted confidence in the accuracy of its market submissions.
“For us, the efficiency gains are real,” Brown says. “We’re no longer restricted by reporting or format. We’ve been able to make it our own. We have true ownership of the process.”
She adds that discussions have shifted away from reconciling numbers and toward coverage structure, limits, and terms. Insurers can assess RELX’s risk profile more efficiently, helping renewals go more smoothly. RELX has now collected detailed exposure data for more than a decade, providing insurers with a clear, stable understanding of the company’s risk over time.
Over the past decade, the data collection process has continued to be refined and is now an established part of the annual insurance cycle allowing the insurance team to focus on placement strategy and broker engagement.
The RELX team is confident that the process will continue to evolve and scale with the business.
“One of the main reasons we haven’t looked back is the amazing support and relationship that we’ve had over the years,” notes Brown. “That has been of most value to us.”
| Area of Improvement | Before Riskonnect | With Riskonnect |
|---|---|---|
| Exposure data collection | RELX relied on its finance system and could only collect raw exposure numbers. | RELX collects and validates complex exposure data through tailored renewal questionnaires built for insurer requirements. |
| Reporting and format control | RELX had no control or oversight of the format and no influence over reporting. | RELX owns customized reporting and controls the format of the data it submits to brokers and insurers. |
| Currency and consolidation | Regional data in local currencies had to be manually converted to a common currency. | Riskonnect automatically applies standardized exchange rates to produce consolidated financial reporting across regions. |
| Data validation | The team had limited ability to confirm data was complete or comparable year over year. | Custom reports and validation rules flag anomalies so the team investigates issues before broker submission. |
| Claims visibility | Claims data was fragmented and disconnected from renewal preparation. | Automated feeds from third-party administrators give RELX visibility into claim volumes and loss ratios across regions. |
Quick Answers
1. How does Riskonnect help organizations manage insurance renewals?
Riskonnect’s RMIS software centralizes exposure data, standardizes renewal questionnaires, and automates reporting so risk teams can assemble accurate insurance submissions. At RELX, a three-person team uses Riskonnect to issue more than 100 renewal questionnaires each year across multiple divisions and countries.
2. How does Riskonnect handle multi-currency insurance data across regions?
Riskonnect automatically applies standardized exchange rates to figures entered in local currencies, producing consolidated financial reporting. At RELX, regional finance leaders enter data in their local currencies and Riskonnect consolidates it to improve accuracy and auditability.
3. How does Riskonnect improve the quality of data submitted to brokers and insurers?
Riskonnect uses custom reports and validation rules to flag anomalies or unexpected changes before data goes to market. At RELX, that produces clear, accurate submissions and fewer insurer queries during placement.
4. How does Riskonnect give risk teams ownership of the insurance renewal process?
Riskonnect lets teams design their own questionnaires, reporting, and validation rules instead of relying on a finance-system add-on. At RELX, the insurance team gained true ownership of the renewal process and now focuses on placement strategy and broker engagement.
RELX ORGANIZATION OVERVIEW
- Information and analytics industry
- $61.2 billion market capitalization
- 36,000+ employees across 180 countries and territories
- Headquartered in London, UK
