For buyers in the casualty and property insurance market, there is no better summary of where things stand at the midway point of what feels like the longest year on record than one delivered in the Risk Management magazine article Hard Times, Hard Market.
“At the start of 2020, the biggest challenge for many risk professionals when it came to purchasing or renewing their insurance policies was navigating an increasingly hardening insurance market in which rates were increasing for almost all lines,” writes Lori Widmer. “And then the coronavirus pandemic hit.”
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As risk pools look to improve or add to the services provided to members, inefficient and ineffective processes always stand in the way. In many cases, inadequate technology (in the form of antiquated databases, disparate systems, and multiple spreadsheets) limits the ability of risk pools to implement change. Take, for example, the challenges associated with processes related to the calculation of members’ premium contributions, such as:
- Values and exposures collection is time-consuming for staff and members
- Historical and current loss data is not readily accessible
- Spreadsheets used to calculate premium contributions increase the risk of error and limit options for easily incorporating changes
- Visibility into the process is extremely limited for pool staff and members
The right technology can help. It should be capable of tracking and managing the exposures and loss data for all of a risk pool’s members. It should include underwriting tools flexible enough to accommodate changes in rating tables and formulas, while also being easy to use. The right solution should also provide staff and members with role-specific insight into each point in the process.
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The renewals process can be a time-consuming, resource-draining exercise for both risk pools and their members. Considering the endless back and forth of sending forms, exposure values data, and premium calculations keeping members informed on the renewal status can be a challenge. With the right RMIS, however, this process can transform into something that provides members with added value, while reducing strain on your staff each year. … read more
The use of RMIS technology that has been designed to handle the values collection process can help to reduce the amount of time risk management teams spend gathering data.
For risk professionals, the conclusion of a 2017 risk management survey will likely come as no surprise: “Risk Managers, regardless of experience level, are being asked to do more with less.”
Nearly one-third (31%) of respondents indicate that given “additional time”, they would focus on improving internal processes. “The survey results point to Risk Managers being mired in the day-to-day task of servicing their internal constituents, making it difficult to pivot to the strategic questions being raised by their CFOs.” … read more
Jeff Enzinger, an Origami Risk sales executive, shares his thoughts on the challenges Risk Managers face when collecting exposure values from the field.
Risk Managers embark annually on a daunting and sometimes thankless task of obtaining exposure data from the “field”. Values they seek include data like building replacement costs and other data points critical to the process of obtaining or renewing insurance. A business doesn’t have to be a multi-national enterprise to have dozens or even hundreds of locations that vary in both size and purpose. Field locations like offices, facilities, and warehouses can be spread across the country or the globe.
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Location. Location. Location. It’s not only a critical consideration when determining where to invest in real estate, but it’s also an important consideration when managing risk and insurance for multi-national organizations with—you guessed it—multiple locations.
It’s hard enough to ensure one site is properly insured and protected from unpredictable adverse events. Throw in multiple sites in different countries with varying rules and regulations and it can become anyone’s guess as to how a site is performing from a risk and insurance perspective. … read more