Risk and insurance · Policy Management (rm.Policies)
Insurance policy management
Every policy, binder and endorsement in one register, read in by AI, with renewal dates, documents and approvals attached.
The problem
Policy details live in broker emails and PDFs, so nobody has one current view of what is insured, with which carrier and on what terms. Each renewal runs by email between broker, carriers and business units, and when an old claim surfaces, the expired policy is in someone’s personal folder.
- Premiums32%Not directly affected.
- Retained losses62%Coverage nobody can find can’t respond. A current register sends each claim to the right policy.
- Cost to manage risk6%In this example, documenting coverage takes about 650 staff hours a year, roughly $47,000.
Typical split from the Risk Diagnostic’s example: a public agency with a $1.2 billion budget. Take the diagnostic and this chart shows your own numbers.
What it does
AI-assisted policy intake
Upload policies, binders, endorsements and quotes in any format. AI reads them and fills in the policy record (carrier, policy number, dates, limits, deductibles, premiums) for your team to confirm.
Policy register
Every policy, binder and endorsement with its key terms: limits, deductibles, exclusions, premiums and fees.
Renewal exercises
Run the annual renewal by program, coverage line and policy, with assignments, reminders and escalations, and quotes, authorizations and approvals captured along the way.
The source for certificates
The register feeds Certificate Issuance, so every certificate reflects current policies and renewals trigger reissue automatically.
Searchable archive
Expired policies and their documents stay searchable, so the right policy turns up when an old claim surfaces.
Full record and reporting
Every action and message is logged, and ad-hoc reports give real-time policy, process and performance data.
How it works
- 1Documents received
- 2AI fills in the policy record
- 3Reviewed and approved
- 4Feeds certificates and renewals
What to expect
Who uses it
Risk and insurance managers, the teams that issue certificates, and finance teams that need policy terms and renewal dates.
Questions
How do policies get into RiskWorks?
Upload the documents and AI-assisted intake fills in each policy record for your team to confirm. You can also import from a spreadsheet or enter policies directly. The register feeds Certificate Issuance, so certificates always reflect current policies.
Can business units see their own coverage?
Yes. Access is set by role, so each business unit sees the policies that apply to it.
Can we find the policy behind an old claim?
Yes. Expired policies and their documents stay in a searchable archive, with the endorsements that applied at the time.
Related
Exposure Data
Request, collect and report exposure values for the annual insurance renewal across every business unit and location.
Learn moreCertificate Issuance
Issue, renew and distribute certificates of insurance to your customers on demand.
Learn morePremium Allocation
Allocate insurance premiums and fees across business units and locations, and bill them back.
Learn moreWhat does risk cost your organization?
The free Risk Diagnostic gives you an approximate total cost of risk and shows where your organization’s time goes, compared with your industry. Then review it with an Exigis analyst at no cost.