Avery Dennison: Property Values | Riskonnect

Riskonnect Case Studies

Avery Dennison

Industry

Manufacturing

Client

Avery Dennison Corporation

Focus

Improve Avery Dennison Corporation’s property values collection process

Previous System

Manual in-house system

Challenge

With over 300 locations in 57 countries, Avery Dennison Corporation has more than 120 finance contacts from whom they must collect property values and exposure data on an annual basis. Of those 300 locations, 62% are specifically manufacturing, distribution, and warehousing locations. If a loss occurs at any of these, the ramifications are significant. In addition, these locations comprise 92% of Avery Dennison’s total insured value (TIV) with a TIV of over six billion dollars. With so many points of contact, and with so many locations in different countries using different systems, collecting consistently accurate data on which to base sound business decisions has proven to be a challenge. Additionally, the administration time required to manage this annual task is a heavy burden on the Risk Management Department. With the data collection process being only an annual task, employees need frequent assistance due to the length of time between each cycle.

Riskonnect Solution

With the Riskonnect Property Values Collection Module, a standardized email is sent automatically to the over 120 finance contacts once per year. The email describes the process, informs them of their deadline, and provides them with the valuation date. This standardized communication has proven to be very simple for users to follow, and offers links to follow, populated user fields, and prompts for password entry so data is entered directly into the RMIS.  

Within the system, the user is provided with two separate links to training documents for the express purpose of addressing any unfamiliarity with the property values collection process. Previously, the Risk Management Department would receive hundreds of emails requesting assistance — now employees are empowered to resolve any issues on the spot without having to wait for a response. When data is provided, the finance contacts receive automated alerts/validations if the data significantly differs from the past year’s entries, or if other variance thresholds are met. Those who complete the process are not burdened by email reminders, however escalation emails are sent to those who do not complete the process within the given timeframe. 

Results

  1. 67% improvement in efficiency by changing how they gather information, how they put together the communication, and how they submit this information to their insurance carriers. In essence, a process that previously took more than three months has been reduced to just under one month.
  2. Increased credibility with the organization’s current insurance carriers, and with those to whom Avery Dennison has presented.
  3. Avery Dennison Corporation enhanced their insurance coverage by $200 Million by identifying potential under-insured locations within the organization.
  4. Improved data accuracy through improved communications within the organization about what information is required, how it should be provided, and by providing a standardized system for entering data and comments.
  5. Riskonnect’s Property Values Module removed much of the administration burden by utilizing a standardized email which is sent to the organization’s finance contacts. Simple links enable employees to collect data and populate fields using their mobile devices, or from anywhere they choose to log into the system. The addition of two ‘Help’ links provides immediate access to training and answers to common questions, and it effectively eliminates hundreds of emailed requests for assistance. Employees who previously struggled to provide quality information in a timely manner are now empowered to produce consistent, accurate data within a much shorter timeframe.

Webinar

October 29, 2013 (44 mins) Managing Risks and Property Exposure, the Case of Avery Dennison, featuring Brit Waters, Manager, Risk Management: riskonnect.com/video-library 

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