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. …
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.” …
Several prominent risk managers at leading UK and European companies recently participated in a roundtable—co-hosted by Gallagher Basset and Origami Risk—on future-proofing management information (MI). “Risk Managers Speak About the Challenges of Values Collection” is the first in a series of five articles that cover key data issues and opportunities identified during the discussion.
To download “Risk Managers Speak About the Challenges of Values Collection”, click here.
For a summary of the roundtable, click here.
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.
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. …