Nintex > Case Studies > Risk Management and Compliance Enhancement in Insurance with IoT

Risk Management and Compliance Enhancement in Insurance with IoT

Technology Category

Cybersecurity & Privacy - Security Compliance

Applicable Industries

Equipment & Machinery
Finance & Insurance

Applicable Functions

Quality Assurance

Use Cases

Inventory Management
Usage-Based Insurance

About The Customer

Aioi Nissay Dowa Insurance Company Australia Pty Ltd (ADICA) is a general insurance company in Australia. It began underwriting operations as a locally incorporated subsidiary, which led to the scaling down of existing branch operations. As a general insurance company, ADICA is authorized to carry on general insurance business within Australia and is supervised by the Australian Prudential Regulation Authority (APRA). APRA oversees Australia’s authorized deposit-taking institutions, life and general insurance companies, and superannuation funds. The company employs approximately 100 staff and is committed to enhancing its risk management environment and meeting its obligations under various regulatory and prudential regimes.

The Challenge

Aioi Nissay Dowa Insurance Company Australia Pty Ltd (ADICA), a general insurance company in Australia, faced a significant challenge when it began underwriting operations as a locally incorporated subsidiary. The existing branch operations were scaled down and placed into runoff, prompting ADICA to seek a business process management tool. The company needed a solution that would enhance its risk management environment, integrate risk and compliance requirements directly into processes, and assist in meeting its obligations under various regulatory and prudential regimes. As a general insurance company, ADICA is authorized to carry on general insurance business within Australia and is supervised by the Australian Prudential Regulation Authority (APRA), which oversees Australia’s authorized deposit-taking institutions, life and general insurance companies, and superannuation funds. Therefore, it was crucial for ADICA to have a robust risk management and compliance system in place.

The Solution

ADICA identified Nintex Promapp as the tool that would meet its needs. Nintex Promapp was chosen for its ability to integrate risk and compliance requirements directly into processes, ensuring risk and compliance awareness becomes part of the organization’s everyday activities. The tool has supported a risk management culture at ADICA, raising the awareness of risk management throughout the company and improving transparency of controls via the links between risks and processes. It also provides a central database for company policies and processes, which has proven beneficial during audits. It allows for quick and easy access to processes and has increased the number of documented procedures now followed within the company. From a risk management perspective, it gives increased visibility via the risk register. It also helps with version control and gives the risk team more assurance that all teams are working to the most recent, agreed process. This puts the company in a stronger position when it comes to compliance.

Operational Impact

The implementation of Nintex Promapp has led to significant operational improvements at ADICA. The tool has raised the awareness of risk management throughout the company and improved transparency of controls. It has also led to a higher level of staff awareness and engagement of the business risks ADICA faces. The central database for company policies and processes has been beneficial during audits, allowing for quick and easy access to processes and increasing the number of documented procedures now followed within the company. From a risk management perspective, it gives increased visibility via the risk register. It also helps with version control and gives the risk team more assurance that all teams are working to the most recent, agreed process. This puts the company in a stronger position when it comes to compliance.

Quantitative Benefit