Risk & Policy Manager | October 13, 2015

The Importance of Providing the Most Accurate and Up-to-Date Data to Your Broker

David Tweedy CMC, MBA - Bickmore, Director Risk Management Information Systems

The quality of the data a risk manager provides to their broker(s) has a direct impact on insurance premium prices and total cost of risk.

This short video explains how better data leads to lower costs.

THE CHALLENGE OF PROVIDING COMPLETE, ACCURATE, AND TIMELY INFORMATION TO YOUR BROKER

One of the risk manager’s key strategic partnerships is with their broker(s). After all, it is the broker who must go to market and make recommendations regarding the best insurance products. But the broker’s ability to return sound quotes from top-rated carriers depends entirely on the quantity, quality, and timeliness of the data that the risk manager provides.

Getting up-to-date information in the months preceding your policy renewal is critical to getting the best quotes. Consequently, risk managers must typically devote a significant amount of time to tracking down and validating data from disparate sources before rushing it out to the broker at policy renewal time. With risk managers spread so thin, they often depend on data that is on-hand versus obtaining up to date, validated data from its source. This situation creates stress, uncertainty and can jeopardize the broker’s ability to obtain accurate, competitive quotes that reflect the current portfolio.

Ideally, the risk manager would be in a position to take control of their own destiny and direct the activities of the broker. This article explains how a new risk management information system (RMIS) can empower risk managers to do exactly that.

WHY RISK MANAGERS STRUGGLE TO GATHER DATA

Risk managers are typically not line officers; they are staff. So they must depend on the good graces of program participants to provide essential information, which often means requesting the same data multiple times and continually following up to ensure that it is complete, accurate, and up to date. Some organizations do have a chief risk officer with line authority over other staff, but for the vast majority of risk managers, securing the cooperation of program participants is a constant challenge.

Their task is further complicated by the fact that existing data is typically scattered across disparate spreadsheets, databases, and filing cabinets. Simply updating and validating stored information is a significant challenge on its own.

The paper shuffle can monopolize the risk manager’s agenda, impeding strategic relationships with brokers, underwriters, and program participants—and increasing the organization’s total cost of risk (TCOR).

A BETTER WAY TO MANAGE RISK AND POLICY INFORMATION

The Solartis Risk and Policy Manager is a new system that combines the functionality of traditional RMIS and policy administration systems with additional capabilities that enable risk managers to streamline day-to-day administrative tasks and strategically collaborate with key stakeholders to control TCOR.

Our unique approach to managing risk data is based on our deep understanding of the insurance underwriting process . While many systems focus narrowly on claims data, Solartis Risk and Policy Manager is designed to store, track, and manage all of the policy and claims details so the underwriter has all the information he needs to properly underwrite and price the risk.

In addition, the Solartis system enables the covered participants to enter and update their own data directly—or have it input automatically from other systems—saving a risk manager’s time and ensuring the accuracy of the data. Armed with a single system containing complete, accurate, and up-to-date risk information, the risk manager can effectively mitigate uncertainty for brokers and underwriters—allowing them to return the best possible quote at renewal time.

Increased transparency also helps risk managers justify insurance costs to their management team, board, and program participants. Moreover, by educating stakeholders about the key drivers of premium expenses, a risk manager can strategically target opportunities to reduce costs.

These capabilities elevate risk managers from a tactical, administrative position to a strategic leadership role, empowering them to take an unprecedented level of control over premium costs and other components of TCOR

Contact Solartis today to learn more about how our revolutionary approach to managing risk information can benefit your organization.

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