Oh The Pain – of Insurance Renewals
At the Risk & Insurance Management Society Conference (RIMS2010 Boston) last month, Exari conducted a survey of Risk Managers to assess the “State of the Renewals Process.”
We surveyed Risk Managers from across the United States and Europe, representing a wide range of industries, to learn what they have to do each year when the time comes to renew their corporate insurance coverages.
The goal of the survey was to determine whether the annual process that they go through was satisfactory or if there were ways to improve the experience. The results showed that in fact, people reported varying levels of satisfaction with the current process.
The majority of respondents reported that they were sent last year’s data by their brokers and asked to manually update that document(s) with any changes. Most Risk Managers would collect the current data using a combination of Word and Excel.
In some cases, it was necessary to collect multiple spreadsheets from across the enterprise and try to reconcile them.
It was not a surprising conclusion that there was a direct correlation between the respondents’ overall level of satisfaction with their broker and the ease of renewing their policy. In fact, the majority reported that they would consider switching to a broker who made the renewal process less painful.
To read the full results of the survey, request your copy of the Benchmark Report here.