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.
Underwriters are probing deeper than ever during renewals, whether you’re a small firm or a company like Heinz, with 36,000 employees, $8.6 billion in annual sales, $10 billion in property assets and at least “57 varieties” across the globe. Heinz could no longer risk continuing with its manual renewal data collection processes. The world-famous food company turned to RiskConsole to empower its local users to properly report property- and casualty-related values. With subsidiaries maintaining accurate exposures, Heinz risk management can next track their efforts at loss control and greater strategic gains.
Key takeaways:Heinz produces more than 5,700 product varieties (not just the famous 57) around the world, but it fortified its risk management recipe with RiskConsole and customized features like:
RiskConsole has helped Heinz’s affiliates to take ownership of the values for the properties they are responsible for.
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