The commercial insurance marketplace plays a crucial role in the global economy. In exchange for premium dollars, insurers assume all of the risks required to keep our economic engines firing, finished goods moving, and retail consumption humming. And, according to the Insurance Information Institute, recent global premiums totaled $4 trillion, with the United States accounting for over one quarter of the premium dollars. Commercial lines account for over half of the $1 trillion U.S. premium totals and protect businesses in this country from large financial losses.
Accompanying the premium dollar totals are the many millions of Big Data terabytes of premium, risk scoring and underwriting data. McKinsey & Company noted in a 2019 article that the building blocks of underwriting excellence include portfolio management, adequate pricing, appropriate risk selection, capacity optimization, and designs of coverage. And, big data, advanced analytics, and disparate data sets will drive the build-out of each of the building blocks in the future.
If the underwriting cycle for your next set of commercial policy renewals requires heterogenous data details, how are you going to pull it all together? Do you have all of the relevant policy, claim, and exposure data stored in a single repository? Have you thought about using your Risk Management Information System (RMIS) as a collection point to simplify the renewal process?
We have. Prevailing risk management requirements demand accessible computing technologies that include traditional core RMIS feature sets as well as additional tools that meet a wide array of information management requirements. Employing add-on RMIS features and functions extends the reach of your enterprise-wide risk management programs, easily manages diverse data sets, and simplifies information consolidation.
Through our partnership with Origami Risk, our bundled hybrid RMIS product includes a Policy Management module as an available Expanded Service option. The module enables you to maintain all of the relevant policy data, images, and supporting documentation within our LUMINOS product suite.
On an aggregate level, model new commercial insurance coverage programs. Review existing program coverage details by carrier and dollar thresholds, easily identifying any potential gaps that could result in a catastrophic financial loss. And, manage counterparty exposures for both participating carriers and applicable policies.
At the individual policy level, manage all relevant financial data, including premiums, deductibles, and fees. Track named insureds, underwriting paper companies, and perils/exclusions. And, with the Gallagher Bassett claims data integrated into our award winning LUMINOS RMIS platform, check policy erosion figures with the touch of a button.
Fingertip access to information that improves overall policy management activities, simplifies policy renewals, and consolidates all relevant documentation. Think about it…a single data repository, supporting a complete view of ALL applicable program-specific factors impacting your policy strategies, risk retention blueprints, and ultimately, your Total Cost of Risk.
Utilizing our add-on Policy Management Expanded Service option is a great economic value proposition for your organization. And smart business. Let’s work together to take your RMIS tools to The NEXT Level.
Interested in learning more about our Policy Management module? Or any of the other LUMINOS Expanded Service offerings available to Gallagher Bassett clients through our RMIS product? We’d be delighted to talk with you. Please engage members of our Sales or Client Service teams, or contact Jennifer Turner, SVP RMIS Solutions, at firstname.lastname@example.org.