HomeServe provide home emergency insurance policies to more than 5 million customers across UK, USA, France, and Spain. An increased product portfolio and rapid growth internationally had created a strong demand for the firm to update its risk management data practices for greater visibility and increased efficiency.
The risk management function at HomeServe is responsible for independently reporting to HomeServe’s governance committees. To achieve this, data had to be collected from different functions and various spreadsheets, then compiled into a common, reportable format.
This process was very labour intensive, with excessive amounts of time spent simply managing risk data. Additionally, the use of spreadsheets and Word documents made it difficult to preserve data integrity. At the same time, updating and sharing risk data was extremely challenging and increased the likelihood of error.