Exposure Management Reimagined
Trade the pain for plenty of gain.
Values collection is possibly the most dreaded time of year for risk managers.
And that’s no wonder when you’re talking about endless back-and-forth emails, phone calls, cutting spreadsheets apart, pasting them back together, checking numbers, and reformatting data. Even with all that work, underwriters still might not have all the information they need. And how accurate is the data they do have?
Higher premiums are pretty much a given if the underwriter has to make do with not-so-great data. But that’s just the beginning. Can you afford loss expenses at a property that was underinsured because of an incorrect value? Will your organization’s performance be crippled if assets are used to pay for excessive insurance coverage instead of funding growth? And couldn’t all those hours spent chasing down values be put to better use?
Accuracy matters when it comes to values collection. The truth is, spreadsheets – still the most popular values-collection tool – are a breeding ground for errors. One “little” mistake – say accidentally leaving off a zero from a property value or hitting the wrong key when you’re pasting in new data – can have catastrophic consequences. And let’s face it, spreadsheets were simply not built to help you visualize data or identify forward-looking insights.
New technology makes collecting values fast, accurate, and pain-free. Virtually every step of the process is automated – from survey-style questionnaires that guide collectors smoothly through the submission process to follow-up emails for those who haven’t responded. No more cutting and pasting. No more wondering which numbers are the most current. No more repeated attempts to track down the reason behind an unexpected variance.
Exposure management software gives you the right data, in the right form, at the right time – so you can be confident not only in what you submit for insurance renewals, but in every other decision that rides on exposure data.
This guide will help you understand how technology can help you streamline your values collection process so you can facilitate renewals, optimize premiums, better manage your exposures – and get the most value from your risk data.
Contents
- What is Exposure Management Software?
- Take the Pain Out of the Process
- What Do Brokers Need?
- Key Components of Exposure Management Software
- 3 Steps to Successful Exposure Management Software Implementation
- The Power of Exposure Management Software
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