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As your risk management department seeks new ways to save time and work more efficiently, here are three time-consuming key tasks that are part of every risk manager’s routine –and how to automate them.
Since it’s 2021, most risk managers have digital homes for their essential program data and details — usually a series of spreadsheets, word documents, or both– but the manual process of keying this data can still be repetitive, monotonous, and inherently error prone. Even the most basic keying mistakes can lead to wrong conclusions and possibly costly outcomes.
In preparing for renewals or compiling internal reports, risk managers must then manually verify the accuracy of these spreadsheets by gathering source materials from multiple brokers, insurers, pdf documents, and disparate storage locations.
For large corporations with multiple locations, international operations, complex insurance programs, multiple brokers and carrier relationships, this task requires significant work hours. For firms with fewer providers, managing, analyzing, and reporting on commercial risk transfer programs can be a significant drain on a team’s time as they may have fewer resources to support the task.
When it comes to telling your company’s insurance renewal story or leveraging key trading partners, a picture is indeed worth 1,000 words. In fact, the impact of well-prepared visuals can be game-changing when it comes to renewal discussions and negotiations.
Unfortunately for risk management teams, currently each of the slides, graphs, exhibits, and charts they prepare needs to be manually refreshed and updated with new information to remain accurate and usable. Gathering all of that information on a timely basis often results in a stressful crunch that challenges all available internal resources.
Some risk managers or legal departments have their company’s key insurance documents stored onsite in fireproof policy cabinets or retain duplicates and keep the originals safeguarded offsite. In other cases, they may be maintained electronically in a shared directory. Still other risk managers have them printed out and even taped onto their credenza. Often these storage systems aren’t well-documented and present a challenge when transferring knowledge to others in the organization.
Today, risk managers across sectors are intensely engaged in helping their enterprises navigate increasingly complex and significant exposures. By embracing new solutions to help them save time on critical aspects of their responsibilities that may be more repetitive or clerical, they can complete these tasks faster and more accurately. LineSlip customers rave about how the Risk Manager platform delivers better insurance outcomes in terms of cost for coverage, saves them countless hours of time previously spent on compiling basic program data, helps them optimize their carrier relationships, and gives them the freedom to focus more attention on the strategic aspects of their roles.