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LUMINOS: Simplifying Insurance Renewals

Successful risk management professionals understand that data is one of the keys to managing the cost of risk. Five years running, these risk manager clients have awarded LUMINOS the most comprehensive features-set ranking in the bundled TPA space and the highest NPS.

Commercial insurance plays a pivotal role in the global economy. In exchange for premiums, carriers assume the risks required to keep our economic engines firing, finished goods moving, and retail consumption humming. Accompanying the premium dollar totals are the many millions of big data terabytes of underwriting, premium, and risk-scoring data. Gallagher Bassett’s (GB) goal is to continuously evaluate the renewal data requirements of our clients, carriers, and brokers to ensure that we successfully deliver the most robust RMIS tools available in the TPA marketplace.

Let’s take a look at how LUMINOS simplifies insurance renewals.

  1. LUMINOS provides the data management and analytics tools needed to track your insurance program’s policies. This enables you to review your loss experience by policy year or line of coverage with your broker partner. As a result, you can then work together to identify potential gaps that could result in a financial loss, manage counterpart exposures, and discuss all relevant policy financial data. LUMINOS supports effective collaboration across your organization and broker communities to simplify your insurance renewal activities.
  2. Tracking and maintaining your exposure values is fundamental to managing your risk transfer and carrier renewal activities. LUMINOS helps you to easily manage required building construction class codes, occupancy types, and property square footage to efficiently manage disparate Excel spreadsheets, data collection, and upload efforts. This will ensure that payroll dollars, fleet industry classification types, and business use classes are up to date. LUMINOS can also help you to review your claims adjudication hierarchies to ensure they match your internal data collection strategies for efficient policy renewal efforts.
  3. Collecting and managing relevant exposure data can drive insight into loss rates. LUMINOS provides your risk management and broker teams with a holistic view of all relevant factors impacting your total cost of risk. Ensure that your collective program improvement activities are aligned with organizational efforts to drive down the total cost of risk and improve outcomes. Regularly validate your risk program improvements using LUMINOS to generate insight into incurred, paid, and outstanding loss rates.
  4. Many carriers are managing their internal client credit exposure with actuarial projections. Utilize our LUMINOS triangle tools to review incurred, paid, and outstanding claim dollar projections with your brokers. Using a single RMIS platform, you can evaluate open and closed claim counts, generate outstanding claim dollar reports, and validate these results to your broker and carrier colleagues.
  5. Many organizations excel at stockpiling claim and insurance renewal data. Those who excel and lead their sectors have instead tapped into the meaning of the data. Modern-day risk management programs require timely insight into all relevant program factors impacting their insurance renewal cycles, costs, and collateral requirements. This is exactly what LUMINOS’ analytics tools deliver. Use LUMINOS to generate all applicable data required to build organizational credibility with your broker and carrier actuarial partners, and ensure that your price and collateral negotiations reflect your projected claim costs and program improvement efforts.

Are you ready to harness the power of LUMINOS for improved insight that will simplify your insurance renewal activity? Connect today with Jennifer Turner, SVP – LUMINOS, to find out more. 

Jennifer Turner

SVP – LUMINOS

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