Project Description
Major Shipping/Energy Company
Industry
Logistics, Energy
Client
Major Shipping/Energy Company
Focus
Automate new business processes, specifically premium invoicing and asset values tracking, for their Insurance subsidiary. Also, they needed to replace their legacy claims system.
Previous System
Spreadsheets used worldwide, and broker-owned legacy RMIS for US operations.
Challenge
Initiating Captive Insurance, decentralized management and poor data quality, extremely complicated reinsurance schedule, and an organization that spans 103 countries with over 108,000 employees.
Riskonnect Solution
Riskonnect provided the Major Shipping/Energy Company (Client) with a total RMIS work platform, configured to meet their specific requirements, which automated processes for their new Captive Insurance subsidiary. Premium invoicing and tracking of asset values (very important for this asset-heavy organization) is now automated. The new system calculates quarterly premium installments through multiple layers of reinsurance, and it allocates vessel values between hull and TLO coverages, across primary and excess layers. For certain fronting programs, Riskonnect RMIS utilizes combined rates based on both gross tonnage and asset value, per the Client’s requirements.
Riskonnect’s cloud-based RMIS work platform replaced the client’s legacy RMIS for claims management, and all data transfers previously managed by the legacy RMIS were successfully integrated. Now, users at the client’s 28 Terminals, worldwide, no longer need to use spreadsheets to track their claims and the entire global organization is able to house their data in a central repository for reporting and analysis.
Results
The Riskonnect RMIS solution has automated the Client’s business processes for their new Captive subsidiary. Their longtime underwriter, during the production roll-out of the invoicing system, described Riskonnect as completing in a couple of hours a renewal process and premium calculations that would have taken up to three weeks to complete with spreadsheets. With Riskonnect RMIS, the Client recognized a 50% reduction in claims costs year-over-year at one location alone (largely due to the greater transparency into local claims operations), and a common platform to share best practices with a diverse group of worldwide users. The Client’s risk strategy required easy access to quality data, and a decentralized risk management program was not in their best interests. Riskonnect RMIS provided the Client with a total RMIS work platform to automate their business processes, including complex premium invoicing for their Captive Insurance subsidiary and for asset value tracking calculations. Riskonnect provided a platform on which the worldwide operation could selfadminister their claims, and a RMIS that would easily integrate with their existing inbound data feeds for US operations. Riskonnect offered the Client a solution that empowers users to collaborate and work together toward their organizational risk goals, and ultimately, a system that has helped to unify the organization’s risk strategy.
