Insurance renewals can be a stressful time for riskprofessionals.

For many, it is part of their annual goals and — justly orunjustly — gives leadership a quantitative measure to assess theperformance of the organization's risk management function.

On the front lines of renewals are the members of the board ofdirectors of RIMS,the risk management society. Several members of RIMS leadershipoffered the following tips to help risk professionals make the mostof their renewals:

1. Maintain relationships

Gloria Brosius, Director, Risk Management and Insurance, PinnacleAgriculture Holdings

I have found that meeting face-to-face with the underwritingteam for each carrier produces the best results. Distinguishingyourself from every other account and developing meaningfulrelationships with your carriers is second to none in obtaining thebest renewal. Most carriers truly appreciate the time and efforttaken to meet with them to explain your business and renewalinformation. I typically try to meet with each carrier at theRIMS Annual Conference, and again closer to my renewaldate.

Emily Cummins, Managing Director of Tax and RiskManagement, National Rifle Association

Many risk professionals will discover that providing contextaround a data submission adds real value. Certainly, technology inthis industry has been transformative, but human relationships arestill at the heart of the business. Building long-termrelationships of trust strengthens the risk financing process.Underwriters who understand "why" you do what you do may be morewilling to stand by your company through the hard times.

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2. Set goals

Gordon Adams, Vice President, Risk Management, SERVCO PACIFIC,ret.

A key portion of achieving a competitive renewal is knowing andidentifying what it is you're attempting to achieve. Riskprofessionals should strategize with their brokers and internalcustomers to establish what terms, conditions, special coverages orpricing comprise strategic renewal goals. To do so aligns efforts,focuses negotiations, and provides a basis for evaluatingoutcomes.

Rick Roberts, Director, Risk Management & EmployeeBenefits, Ensign-Bickford Industries, Inc.

Set goals with senior management. I aim to have renewals come ina point or two better than current market conditions with the worstcase scenario being that we come in right at market pricing. Whensetting those expectations, risk professionals need to clearlyexplain the implications that multiple losses in the past year willhave on the renewal process.

Steve Pottle, Director, Risk Management Services, YorkUniversity

It is critical that risk professionals set expectations early inthe renewal process. The risk professionals should have a targetfor coverages, pricing, new markets and any other enhancements yourprogram will require in the upcoming year. If you and yourinsurance broker treat each renewal like it's your first, you'llincrease your odds of a successful renewal.

3. Know your risks

Julie Pemberton, Director, Risk, Administration, Compliance,Columbus Regional Airport Authority

It's your organization so don't depend on someone elseto represent your risks. It's critical that riskprofessionals know their business, know their risk preventionmethods and know their underwriter. We have to be advocates for ourown organizations and effectively communicate the characteristicsthat make our organizations excellent risks.

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John Phelps, Director of Business Risk Solutions, BlueCross and Blue Shield of Florida, Inc.

One of the strategies I use is the "next best friend" strategy.Many of our renewals require multiple carriers to build out therequisite capacity of $20 million, $30 million, $50 million ormore. Some carriers like to be the primary carrier, some do not. Itry to place coverage with carriers at the bottom of the tower thatcould drop down into the primary if needed at renewal. Sometimes acarrier just wants to exit that particular line of coverage or theyfeel they aren't getting enough premium to accept the risks in theprimary layer and float out a sizable increase. When that happens,we have a "next best friend" at the next layer or two above thatwants to be a primary carrier and is already familiar with ouraccount. This provides stability for the portfolio and helps keeppricing reasonable.

Rick Roberts, Director, Risk Management & EmployeeBenefits, Ensign-Bickford Industries, Inc.

The most important thing I do is research where the specificmarket is heading and why rates are increasing or decreasing at thetime of renewal. I then work to prepare a submission thatspecifically addresses an underwriter's concerns. With thatinformation, risk professionals can prepare specific reportsoutlining how the organization is addressing industry-wide concernsor how the concerns have no impact on the business. Thesesubmissions shouldn't be "cookie cutter" data. Each one must betailored to tell the best story possible for our company.

Related: The insurance agency renewal blame game: people orprocess?