On your to-do list: capture 300 data points in multiple currencies across 15 lines of coverage and present it all in a format ready for market submission. Oh, and this has to be done twice a year. Every year.
How are you going to get that done? And get it done without sacrificing every other item on your to-do list – or losing your sanity. Try trading your spreadsheets for exposure management software.
Exposure management software makes values collection easy and accurate. It neatly eliminates bottlenecks, speeds up response time, reduces human error, and simplifies market submission. The best systems are as simple to use as they are powerful.
What to Look for
One-click data requests. One click is all it takes to send your email template with a customized link to every collector.
Easy-to-complete questionnaires. The easier it is to submit data, the higher your response rate will be. User-friendly screens ensure everything is entered accurately and consistently. Collectors also can see last year’s values for reference and record any notes or comments right on the screen.
No-work-follow-up. Reminder emails are automatically sent to any collector who hasn’t responded by the deadline.
Real-time status. Dashboards show you exactly what information has been submitted, what is in process, and what is still outstanding.
Ready-to-go data. Values are automatically validated, consolidated, and formatted for market submission. Languages and currencies also are automatically translated.
Anything-goes reports. Want to see which locations have the highest square footage? Or how many locations are in a hurricane zone? With just a few clicks, you can pull any data into a graphic report that brings life to complex information.
Amped-up value. Exposure data can be linked to other applications for even more value. Syncing exposures with policy management, for instance, will show you what policies apply to each location. Syncing with claims data will show you each location’s erosion and limit status.
High-level security. Data is stored in a secure, cloud-based environment. Users log into the system via username and password, and every change and update is documented.
Before you know it, your values will be collected and submitted for renewal. Easy peasy. And you can move on to the next item on that to-do list.
3 Steps to Smooth Implementation
1. Establish clear location hierarchy so that locations can be viewed individually and collectively for fuller context.
2. Know who the collectors are and what information is needed from each so that you can design questionnaires that capture all necessary information.
3. Designate someone who understands the history and knows risk management to oversee the process so that nothing falls through the cracks.