The Mutual Risk Group, which is an association of a number of large JSE-listed companies that participate in a common insurance vehicle to take care of their various assets, liability and motor insurance covers has recently started using thryve's Renewal Information Gathering Portal to improve the process of gathering annual exposure and risk information for its annual insurance renewal.
"As a member of the Mutual Risk Group's insurance programme, we needed a tool to replace the inefficient spreadsheet consolidation system we have used up until now", said Evert Potgieter, Risk Management Director of Astral Foods Limited. Potgieter went on to say that "thryve's Renewal Information Gathering Portal has proven to be just the tool we need. Not only has data accuracy improved, but we have been able to gather and consolidate this information much faster than before".
How does thryve's Renewal Information Gathering Portal work?
Thryve's Renewal Information Gathering Portal is a central repository in which businesses consolidate and gather their annual renewal information that needs to be given to their underwriters. This information is gathered from business units using a Web-based renewal data collection system. The beauty about thryve's Renewal Information Gathering Portal is that it doesn't need high-speed Internet lines to perform optimally. Thryve's Renewal Information Gathering Portal will work just as well on any Internet connection. You also do not need one licence for every user who uses the system: you'll buy one licence and as many individuals who need to use the system, in your organization, will be able to use it.
Another great feature of the system, says Riaan Bekker: Riskonnect Solutions Manager at thryve, is that "the thryve Riskonnect team will customise the system for each and every business depending on their needs. After renewal questionnaires are completed, brokers and the business then collaborate in order to verify the data". "Brokers then use the data to negotiate renewals with underwriters. Clients have found that by using the Portal their information-gathering process is quicker and more accurate" says Bekker.
5 Benefits of using thryve's Renewal Information Gathering Portal
There are many, many benefits of using thryve's Renewal Information Gathering Portal. Some of these include the following:
1. Users can keep track of the critical renewal timeline using calendars.
2. Users can keep tabs on what renewal data is outstanding using progress graphs and workflow notifications.
3. Information, which is captured accurately by the system, is securely delivered using dashboards and reports.
4. The data that is gathered, using thryve's Renewal Information Gathering Portal, can then feed other Riskonnect tools such as Premium Allocation or Total Cost of Risk models.
5. It is possible, with this system, to validate data captured and raise exceptions for approved users to check. Thresholds for individuals question variances between current and new values make this possible.
If you would like to know more about thryve's Renewal Information Gathering Portal, please fill in the form on the Riskonnect page and one of its specialist thryve Riskonnect consultants will be in touch to see how it can help you.
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