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Managing Insurance Renewals

Collecting accurate, complete, on-time insurance renewals information from multiple sources impacts organizations with many locations, people involved, geographically spread, and unusual risks. Learn why managing insurance renewals better is crucial, addressing duty of disclosure and corporate governance issues. The ReSure solution offers a web-based software application for automated, managed renewals process and secure data access, ensuring better information for lower premiums.

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Managing Insurance Renewals

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  1. Managing Insurance Renewals WITH ReSureONLINE

  2. The Problem… 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

  3. Why worry about managing insurance renewals better? • 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!

  4. 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.

  5. Key Renewals Issues… • 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

  6. The ReSure Solution… • 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

  7. ReSure Stakeholders

  8. The ReSureProcess • 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

  9. How ReSure organises renewals information Context Business Geography Zones Sites Physical Locations Business Groups Risk Class Property Motor Vehicle Liability.. (Insurable)Entities Buildings Vehicles.. Conversions Currency Length Volume.. Periods Measures, Values and Units Stock 100,000 AUD Volume 5,750 Cu M Height 12.5 Metres Model Ford Escort Attachments Surveys Photos Maps..

  10. The ReSureSecurity Model Data Access: Full Access Limited Access

  11. Summary of Benefits of ReSure • 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

  12. For further information please visit www.resure.com.au

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