Presentation on theme: "Managing Insurance Renewals WITH ReSure ONLINE. Collecting accurate, complete, on-time insurance renewals information from many sources. Impacts organisations."— Presentation 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…
The ReSure Process Insurance Periods Risk Templates Business structures User rights and responsibilities e-Notify system users Bulk loading from spreadsheets Track collection progress e-Notify visitors (insurers, brokers) Access renewals information Complete renewals and re-start
Risk Class Property Motor Vehicle Liability.. Sites Physical Locations Business Groups Context Business Geography Zones (Insurable)Entities Buildings Vehicles.. Measures, Values and Units Stock100,000 AUD Volume5,750Cu M Height12.5 Metres ModelFord Escort How ReSure organises renewals information Attachments Surveys Photos Maps.. Conversions Currency Length Volume.. Periods
Function Role DefineCollectPublish Admin Manager User Visitor The ReSure Security Model Data Access: Full Access Limited Access
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