What is the RIMS Benchmark Survey?
The annual RIMS survey, produced with Advisen Ltd., is a single source of benchmark statistics with industry data for thousands of insurance programs from hundreds of organizations – including the programs of hundreds of Fortune 500 companies. It tracks changes in insurance policy renewal prices as reported by North American corporate risk managers.
TCOR is the cost of insurance, plus the costs of the losses that are retained, and the administrative costs of the risk management department. As the insurance market becomes increasingly competitive, risk managers are turning to TCOR benchmarking as an important strategy to design and evaluate their organizations’ risk financing programs.
For more than two decades, the RIMS Benchmark Survey has been offering insurance professionals a wealth of statistical information that allows them to compare their program to similar companies. The publication is made possible by collecting policy data from organizations annually.
Why should I submit data?
Data contributors receive a complimentary copy of the RIMS Benchmark Survey™ upon its release.
How do I submit data to the RIMS Benchmark Survey™?
There are several ways to submit your policy data to the RIMS Benchmark Survey™:
- Send in a schedule of insurance (or any other format that you have the data in), and e-mail it to firstname.lastname@example.org.
- Have your broker fill out the Broker Authorization Form and submit a schedule of insurance (or any other format that you have the data in) to email@example.com. Please have your broker provide the best point of contact and shipping address within your company when they do so.
- Fill out our RIMS Survey Questionnaire with your policy data, and email to firstname.lastname@example.org
- Enter your policy information into the online portal
What Policy Information do I need to submit?
We are looking for the following information: Coverage, Inception/Expiration Date, Insurer, Broker, Premium, Limit, Retention Retained Losses Administrative Expenses – at a minimum.
I don’t want our competitors to be able to guess who we are.
All of our data is aggregated and never listed by name. All of our data is kept strictly confidential. Feel free to review our Privacy Statement: https://www.advisenltd.com/rims-privacy/