Risk & Policy Manager | January 15, 2016

Risk Data Changes Constantly: How Do You Keep Track?

Carol Mowry McKenzie - Solartis, VP Sales and Marketing

Risk managers are inundated with a constant flow of data about assets, people, and risks. If this information isn’t properly organized and reported to the insurer, the costs of having inadequate coverage or paying higher premiums can be substantial.

Discover the secret to keeping up with changing risk data and using it strategically to manage total cost of risk.

KEEPING TRACK OF CONSTANTLY CHANGING RISK DATA

Risk managers are inundated with a constant flow of changes to their assets, people, and other insurance risks. This information needs to be properly managed, validated, and communicated to insurance underwriters on a routine basis to ensure the right amount of coverage—and make the appropriate premium contributions in the case of participant policies.

With changes coming from a variety of sources, staying up-to-date is a significant challenge. It is critical for the risk manager to not only take note of changes, such as the purchase or sale of a building or vehicle, but also to organize and analyze the data in a way that enables strategic management of their insurance portfolio and their Total Cost of Risk (TCOR)..

RISK DATA CHANGES ON A DAILY BASIS

Organizations of all kinds experience routine fluctuations in their assets and associated exposures. Buildings are bought, sold, and modified. Vehicles are added and deleted. Workers are hired and let go. Companies must also deal with the effects of mergers and acquisitions, spin-offs, and corporate restructurings that can significantly affect their risk profile.

Any of these changes can have an impact on an organization’s insurance needs and costs, and they must be tracked and accurately reported to the insurer to ensure that coverages and premium rates are set appropriately.

YOU NEED UP-TO-DATE INFORMATION TO MANAGE TCOR

The need to constantly track and report on changing information can keep a risk manager stuck on an administrative treadmill—especially during the months preceding policy renewal, when there is typically a rush to collect, verify, and communicate the latest data to brokers and underwriters.

This pre-renewal scramble is not only inefficient, labor-intensive, and time-consuming—it’s also risky. In the rush to pull together complete and up-todate information from multiple people, systems and spreadsheets, the overburdened risk manager is much more likely to make clerical errors that can create big problems in the underwriting process.

Providing accurate data to the underwriter is critical. The use of incorrect, outdated, or improperly formatted information can result in an organization receiving inadequate coverage or paying higher than necessary premiums. In either case, the costs and potential risk can be significant.

THERE’S A BETTER WAY TO MANAGE RISK AND POLICY DATA

Risk management information systems (RMIS) were typically born out of the claims management side of the business in the past—and their functionality reflected a narrow focus on this aspect of insurance, to the frustration of risk managers everywhere.

Solartis Risk and Policy Manager is leading a new generation of RMIS designed to manage the entire underwriting process and complete insurance policy lifecycle. This revolutionary system significantly reduces the administrative burden on the risk manager and streamlines the process of keeping up with changing risk data.

With Solartis, risk managers have unprecedented visibility into every detail they need to do their job, from high-level policy information to granular data about covered participants, risks, and premium allocations. Cloud-based collaboration tools enable data to be entered and validated directly from the source, while algorithms and automated mechanisms provide accuracy and consistency of premium allocations. Risk managers also always have access to the underlying data used to determine coverage levels and premium rates, giving them the ability to negotiate with insurers and remain nimble in the marketplace.

These capabilities are essential in a world where risk management is regarded as a C-level issue and TCOR is an increasingly important metric. Contact us to learn more about how Solartis Risk and Policy Manager can give your organization a competitive edge.

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