The task of collating a company’s renewal information is a critical aspect of preparing the market submission. Information needs to be collated from various regions and divisions in a timely, efficient manner and in a consistent format. This can be a very time-consuming process. Traditionally, a spreadsheet-based questionnaire is sent out for various parties to complete, the results of which are then copied and pasted together and checked for sense.
With RiskConsole, you can create online renewal questionnaires that are easy to fill out and limit the potential for error. Then use business rules to highlight any changes in data values against prior years and detect errors. Reports and audit trails can then be produced to support your submission.
Automatic error detection and alerts
RiskConsole will automatically recognize invalid renewal values based on the rules you set, such as variances against prior year’s data and the length and format of entries. Users will be notified of any errors as they enter the renewal data, so that users can correct the values at the time or confirm and explain the new data as needed. Notifications can also be sent to the insurance and risk team once the renewal data is submitted.
Good questionnaire design
One of the most effective ways to reduce data errors when collecting renewal data is to design the questionnaire or data-inquiry method in a way that limits the potential for errors.
Enhance your renewal questionnaire over time
RiskConsole will enable you to quickly pinpoint where people entering the renewal data had issues. Using this information you can rephrase questions to make them easier to fill out and understand. New questions can also be quickly added to existing questionnaires to ensure you’re able to provide comprehensive and relevant information about your risks to your underwriters.
Keeps your data safe and auditable
RiskConsole keeps a complete history of who has entered the renewal data, when it was entered and any modifications or corrections. This record can be presented to underwriters to help build confidence in data accuracy.
Aon eSolutions gave Andritz confidence about its property portfolio when it needed it most. RiskConsole enabled accurate and comprehensive property data collection and analysis during dramatic corporate growth—as the €3 billion manufacturing and technology firm grew sales 15 percent annually, doubled its production sites, and powered through 30 acquisitions and joint ventures. Not any, out-of-the-box RMIS would do. The Austria-based international firm in overdrive had particular organizational requirements. Andritz needed a technology partner that could tailor a proven property solution to specific needs, sometimes as these needs emerged during deployment.
Key takeaways:With its tailored RiskConsole module, Andritz risk management has streamlined its renewal process and created a complete, trustworthy history of exposures across its many operations, leading to transformations like:
The property module has helped us contain premiums by improving the accuracy and comprehensiveness of the information we submit to underwriters. Underwriters rarely come back to us with additional questions, and by building depth in our historical property information, we’re putting underwriters in a much better position to evaluate risk properly.
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