For those in risk management, great data is the equivalent of gold dust. You can have a fantastic team, good workflows and insightful hunches, but rich data is the element that will propel you forward. Any kind of integrated risk management system must be designed to gather quality data.
The more comprehensive and accurate your data is, the deeper the analysis you can undertake and the more creative you can be in going to the market.
In order to do that, we’re looking at three elements that will make a big impact in collating your data.
Start early
We know that the entire insurance renewal process can be a lengthy one, with the amount of liaising and collating involved, so the sooner you can start the better. In the initial stages, it is valuable to ensure that you have a very clear end-goal — and that all departments involved know that is what and how they can help you meet it.
Once you’ve established that, it’s important to ascertain:
- Have your commercial lines of business stayed the same or has there been a change?
- If there has been a change, are all assets properly accounted for?
- What information will the insurers need?
Knowing these things will help to minimise potential gaps in the data, and clarify what the insurers will need from you. Starting early also will give you more time to analyse the data, uncover new opportunities and identify anomalies or negatives that arise in the data and anticipate the issues insurers could have.
Be clear in your communication
In order to gather this disparate amount of data to make these arguments, you need to be able to communicate what you’re trying to achieve and what you need from the departments involved in the process.
Clear, transparent and constant directives are imperative at all stages of the insurance renewal process, but particularly at the questionnaire stage, where you will be gathering a significant amount of data. There are a number of ways to ensure that you are communicating clearly.
To establish whether you are communicating properly, you need to ask:
- Are all departments clear as to what I need from them and when I need it?
- Are all departments across the ramifications of not completing the renewal questionnaire on time?
- Can I see where various departments are up to in the questionnaire, so that I can prod them if necessary?
- Have I diarised reminders to go out to those lagging behind?
- Are there incentives for departments with great premiums and punitive measures for those who are lagging behind? (If not, should there be?)
And given how complex and draining the renewal questionnaire itself is, you need to ensure that the questionnaire is:
- Clear
- Easy-to-follow
- Can be accessed in the relevant language/currency
- Is written in plain English (if English is the language) and tailored to the level of understanding the the respondent
If you are clear and transparent in your expectations and you make the process as pain-free as possible for your colleagues, then your data will be richer. The better the data, the better the picture you can get of the business; great data is the difference between seeing a snapshot of the business versus a high-definition video.
Get your system online
However, the best way to gather effective renewal data is to ensure that your system is online.
An online system, such as a Risk Management Information System (RMIS system) can transform the way you gather and interpret your data. An online RMIS will:
- Allow you to access last years’ data
- Keep your data all in one location
- Help you to find the data you need very quickly
- Can provide analytics at every stage of the process.
This last point is particularly important because a RMIS software doesn’t just allow to gather data, it empowers you to analyse the data in the context of your organisational history which will help you identify trends that can save your company a significant amount of money.
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