In this series, we are focusing on ways in which a Risk Manager can add value to the bottom line of his or her organization using RMAP(1) technology.  These avenues of added value include: lower cost, asset protection, revenue enhancement and competitive advantage through better management of tactical and strategic Risk.

Lower Cost and Asset Protection:   Today’s BLOG will focus on efficiency achieved through the use of RMAP(1) technology.

Case in Point:  Food and Beverage; Manufacturing, Global Beverage Distributor

Focus was to improve client’s insurance placement and renewal process.

The Risk Management Department found its current insurance placement and renewal process entirely manual and time-consuming. The renewal questionnaire process was both unfriendly to users and unsuccessful, with low rates of completion.

The RMAP(1) Solution provided an improved reporting tool to ease the submission process for the client’s insurance placement and renewal process.  This included:

• Creation of a user-friendly renewal solution with:
  • An electronic questionnaire
  • Year over year variance analysis
  • Required fields for variance explanations
  • Dynamic solution for handling lists (list of suppliers, customers, etc.)
• Clear overview of status by section and progress
• Cross-browser support (works with Internet Explorer, Chrome, Firefox, etc.)
• Improved ease of use through drop-down menus, the ability to non-sequentially move from section to section, support for multiple answers, and .pdf generation from all renewal report responses, and the ability to generate reports without manual input
• Creation of new workflow solutions:
  • Email templates for automatic reminders at regular intervals
  • New properties in hierarchy
  • Current property status change
  • Notification of questionnaire or section status change
  • Notification and validation rules to capture Property Damage Business Interruption variance threshold violations, Employee Liability payroll and headcount figures

With the new RMAP(1) Solution in place, the client improved the on-time completion rate of the renewal solution questionnaire by 170%, compared to the prior year.

(1) RMAP = Risk Management Automation Platform (this is not an official term… I just made it up)