5 Tips for Effective Exposure Data Management for Risk Managers

May 21, 2020

When it comes to exposure data management, risk managers should focus on automation, more powerful data collection, and organization and efficiency when it comes to displaying that data and submitting it to brokers or other third parties.

Today's tech innovations make these integral parts of a risk manager's responsibilities more achievable than ever before. These five tips will help with every aspect of tracking data management with no more Excels or other spreadsheets. Ultimately, using a policy handling platform like Flisk delivers the best results.

1. Establish Clear Paths for Data Collection

No matter how many insurance companies or policies your organization uses, the associated data collection process should match from one to another. Real-time access to all necessary data helps risk managers make informed decisions and handle everything from overall policies to individual broker submissions with ease

2. Improve Workflow for Risk Managers

Assess existing risk manager workflow and tweak methods to improve efficiency. With automated exposure data collection and analysis, the overall process should not include high margin of error. However, the human side of the process can introduce delays and waste.

3. No More Spreadsheets – Adopt the Right System

Current systems rely heavily on spreadsheets to handle vehicle fleet insurance and more. However, if the organization has many policies to manage, the process becomes quite cumbersome and overwhelming. By choosing a proprietary system instead of Excel, the no more spreadsheets approach negates the need for creating additional files, compartmentalizing sections of the insurance information, and struggling to navigate the entire collection to find a specific piece of information you need at a glance.

4. Facilitate Simple Submissions and Renewals

How can you manage policy claims and renewals efficiently with the aforementioned multi-file system? When tracking data management is done correctly, the renewal process without spreadsheets becomes immediate and effortless. Risk managers or their teams can access specific information through robust search capabilities and submitted to the insurance provider with a few simple clicks. This increases efficiency while reducing the potential for user error. The last thing you want to do this accidentally leave out a vehicle or two during the renewal process.

5. Focus on Security

As the practices of collecting and tracking data management become more digitalized and virtual, security needs increase. When you choose the best possible software platform to perform these tasks, you get peace of mind that all your company's and individuals' personal information is protected.

Effective exposure data management has become an essential part of companies and organizations in the healthcare sector and beyond. Whether a risk manager is responsible for auto, property, liability, or other insurance policies, these five tips will help maximize efficiency, minimize risk, and maintain essential security.

The Flisk web application allows you to move away from cumbersome spreadsheets and move forward with a real-time, well-organized, and highly intuitive policy management system that works.

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