Global Beverage Distributor: Renewals Management | Riskonnect

Riskonnect Case Studies

Global Beverage Distributor

Industry

Food and Beverage; Manufacturing

Client

Global Beverage Distributor

Focus

Improve client’s insurance placement and renewal process

Previous System

Manual in-house system (SharePoint and Excel)

Challenge

The Risk Management Department found its current insurance placement and renewal process entirely manual and time-consuming. The renewal questionnaire process was both unfriendly to users and unsuccessful, with low rates of completion.

Riskonnect Solution

The Riskonnect system provided an improved reporting tool to ease submission process for client’s insurance placement and renewal process. This included:

-Creation of a user-friendly renewal solution with:

  1. An electronic questionnaire
  2. Year over year variance analysis
  3. Required fields for variance explanations

– Dynamic solution for handling lists (list of suppliers, customers, etc.)

– Clear overview of status by section and progress

– Cross-browser support (works with Internet Explorer, Chrome, Firefox, etc.)

– Improved ease of use through drop-down menus, the ability to non-sequentially move from section to section, support for multiple answers, and .pdf generation from all renewal report responses, and the ability to generate reports without manual input

– Creation of new workflow solutions:

 

  1. Email templates for automatic reminders at regular intervals
  2. New properties in hierarchy
  3. Current property status change
  4. Notification of questionnaire or section status change
  5. Notification and validation rules to capture Property Damage Business Interruption variance threshold violations, Employee Liability payroll and headcount figures

Results

With the new Riskonnect system in place, the client improved the on-time completion rate of the renewal solution questionnaire by 170%, compared to the prior year.

Summary

The Risk Management Department benefitted from a streamlined renewal process due to a better value collections system within the Riskonnect system. Renewals were easier to perform and data quality increased because the renewal questionnaire was improved and made easier to use.

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