We’ve all been experiencing the increasingly hard insurance market during summer renewals. And unlike previous hard insurance markets where prices typically stabilize within a year, these pressures won’t be letting up anytime soon. As Risk Managers, now more than ever it’s crucial we take proactive steps to prepare for our next renewal. How are you planning to differentiate your portfolio to your markets?
Unlike in past years, providing our data in traditional spreadsheets and presentations won’t do much in the way of conveying the stewardship of our assets, nor will they imbue our insurer partners with higher confidence in the risks they’re underwriting. There is a better way; we piloted a new approach for our recent renewal, and it works. Going forward, we’ll do even more: providing more transparency into our properties, showcasing our stewardship, enabling insurer partners to validate their assumptions with source documents. In turn, this can help our insurer partners better understand risks - at the property and portfolio level - so together we can drive better outcomes.
During our recent placement, we validated the critical role that enhanced data quality will play for our markets moving forward. We provided rich data visually showcased to demonstrate the caliber of our assets and stewardship. And in turn, we received encouraging feedback of how this reduced uncertainty and improved underwriting confidence.
And with this now gathered, I’ll throw one more question your way - as we brace for an increasingly hard market, have you taken the steps to best prepare your firm for better outcomes?