If the mere thought of collecting values is enough to send shivers down your spine, you aren’t alone.
The values collection process is notorious for inspiring dread among risk managers everywhere. 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 everything they need. And the data they do have might not be the most accurate.
So what does not-so-great data get you? Higher premiums, for one. But there’s potential for real disaster from, for instance, loss expenses on a property that was underinsured because of an incorrect value. Then there are the less-tangible hits. 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 man-hours spent chasing down values be put to better use?
Unfortunately, the pain doesn’t stop there. Spreadsheets – hands down 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 does everything that spreadsheets can’t – and more. Exposure management software collects, tracks, and validates values data so you can spend less time gathering information and more time analyzing what it means.
Exposure management software automates virtually every step of the process – from survey-style questionnaires that guide collectors smoothly through the submission process to follow-up emails for those who haven’t responded.
- Captures data in a consistent format on user-friendly screens to make collection easy and accurate.
- Tracks in real time what values have been submitted, and automatically sends progress reports.
- Provides secure web-based access to assigned collectors.
- Collects values with customizable templates and survey-style forms.
- Automatically generates emails with values collection assignments, and follows up with reminders about missing or incomplete information.
- Generates market-ready reports with one click.
- Validates data as it’s entered, and flags unexpected values for further investigation.
- Consolidates values to show important changes and trends from year to year.
- Analyzes exposure data by location, values collection, and COPE (Construction, Occupancy, Protection, Exposure) field and provides personalized visualizations by location.
Collecting values is suddenly fast, accurate, and pain-free. 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. Just the right data, in the right form, at the right time.
When it’s all said and done, exposure management software can reduce values collection time by as much as 75%. And you can be confident not only in what you submit for insurance renewals, but in every other decision that rides on exposure data. How’s that for turning pain into gain?