managing insurance renewals with resure online. collecting accurate, complete, on-time insurance...
TRANSCRIPT
Managing Insurance Renewals
WITH
ReSure ONLINE
Collecting accurate, complete, on-time insurance renewals information from many sources.
Impacts organisations with: Many locations, many people involved Geographically spread Multiple currencies and other units Unusual risks
The Problem…
Duty of Disclosure
Undeclared and underinsured assets and liabilities
Time and cost of collecting information
Corporate governance issues:
full knowledge of assets and risk exposures?
processes in place for managing this information?
who owns and controls your insurance information?
Underwriting principle: Without quality
information, assume the worst, then price
accordingly!
Why worry about managing insurance renewals better?
In today’s insurance markets,
leading brokers advise that the
difference between a good and a
bad renewals submission is 10% to
20% of total premium.
A single, consistent database for all users Tailored to business requirements Better data quality Eliminate paper forms, manual consolidation Automate the renewals process Provide access for the insurance market Secure and private Integrated with other RM functions Clear ownership of information
Key Renewals Issues…
A Web-based software application Single, consistent, central database Automated, managed renewals process Customised to your unique requirements Data validation and control Secure, controlled access by stakeholders Integrated with other RM information Client owns the information
The ReSure Solution…
Internet
ReSure Consultant
Business UserRisk Manager
Broker
Insurer Re-insurer
Risk Consultant
ReSure Database
Secure Web Server
ReSure Stakeholders
The ReSure Process
Insurance PeriodsRisk TemplatesBusiness structuresUser rights and responsibilities
e-Notify system usersBulk loading from spreadsheetsTrack collection progress
e-Notify visitors (insurers, brokers)Access renewals informationComplete renewals and re-start
Risk ClassProperty
Motor Vehicle Liability..
SitesPhysical LocationsBusiness Groups
ContextBusiness
GeographyZones
(Insurable)EntitiesBuildings Vehicles..
Measures, Values and UnitsStock 100,000 AUDVolume 5,750 Cu MHeight 12.5 MetresModel Ford Escort
How ReSure organises renewals information
AttachmentsSurveysPhotosMaps..
ConversionsCurrency Length Volume..
Periods
Function Role
Define Collect Publish
Admin Manager User
Visitor
The ReSure Security Model
Data Access: Full Access Limited Access
Hazard / Risk Analysis
Risk Treatment Decision
Inspection / Audit
Risk Improvement Recommendation
Incident / Event
Injury
Insurance Policy
Underwriting Information (renewals)
Injury Management
Context – Geographical, financial, organisational
Issues and Tasks Management
Risk Identification, Analysis, and Control
Consequences of Risk
Risk Financing
Cost of Risk Monitoring
Document Management
People and Organisations
Claim
ReSure Development Strategy
Cause / Consequence
Links
7 July 2005
Links to most objects
Own and control your information No capital investment required Single, consistent, central database Reduced cost of collection Improved quality of information Global access – but secure and private Better information Lower premiums
Summary of Benefits of ReSure
