Claims Recovery Service Embraces Integrated Risk Management & New Risk Culture
公司规模
200-1,000
地区
- America
国家
- United States
产品
- Lockpath
技术栈
- NAVEX Global's GRC Platform
实施规模
- Enterprise-wide Deployment
影响指标
- Cost Savings
- Productivity Improvements
技术
- 应用基础设施与中间件 - 数据交换与集成
适用行业
- 金融与保险
适用功能
- 商业运营
用例
- 监管合规监控
服务
- 系统集成
关于客户
Claims Recovery Service is a financial claims recovery service company that used manual processes to manage its compliance and audit programs. The company had to comply with many financial rules and regulations, which was a time-consuming process. They relied on documents in hundreds of file folders in multiple network drives, each with its own security permission. The company maintained a list of policies on spreadsheets and Sharepoint sites, but none of the information was linked, making it nearly impossible to update policies or even know they existed. As regulations grew more complex and customer compliance demands multiplied, the cost of noncompliance grew steeper. The company was spending more than $500,000 a year managing compliance.
挑战
Claims Recovery Service was struggling with managing compliance and audits due to inadequate processes. They were using manual processes such as spreadsheets, stored documents, email, and other office tools. The company had to comply with numerous financial rules and regulations, which was a time-consuming process with a high risk of missing something. They relied on documents in hundreds of file folders in multiple network drives, each with its own security permission. The company maintained a list of policies on spreadsheets and Sharepoint sites, but none of the information was linked, making it nearly impossible to update policies or even know they existed. As regulations grew more complex, customer compliance demands multiplied, and the cost of noncompliance grew steeper, it quickly became clear spreadsheets weren’t enough. The company was spending more than $500,000 a year managing compliance.
解决方案
The company chose NAVEX Global's governance, risk management, and compliance (GRC) platform, Lockpath, for its capabilities in compliance and policy management, as well as audit management. Lockpath helps organizations centralize their compliance program, respond more quickly and thoroughly to audit requests. The company uses NAVEX Global’s Lockpath to store and centralize the company’s 500+ policies and procedures, and to set the appropriate permission levels. The audit coordinator was also relieved from having to conduct an exhaustive network search for a particular document, since they centralized responses to common audit questions. The new system flagged related policy documents and automatically prompted the appropriate people to review and approve updates – before deadlines passed.
运营影响
数量效益
Case Study missing?
Start adding your own!
Register with your work email and create a new case study profile for your business.
相关案例.
Case Study
Real-time In-vehicle Monitoring
The telematic solution provides this vital premium-adjusting information. The solution also helps detect and deter vehicle or trailer theft – as soon as a theft occurs, monitoring personnel can alert the appropriate authorities, providing an exact location.“With more and more insurance companies and major fleet operators interested in monitoring driver behaviour on the grounds of road safety, efficient logistics and costs, the market for this type of device and associated e-business services is growing rapidly within Italy and the rest of Europe,” says Franco.“The insurance companies are especially interested in the pay-per-use and pay-as-you-drive applications while other organisations employ the technology for road user charging.”“One million vehicles in Italy currently carry such devices and forecasts indicate that the European market will increase tenfold by 2014.However, for our technology to work effectively, we needed a highly reliable wireless data network to carry the information between the vehicles and monitoring stations.”
Case Study
Safety First with Folksam
The competitiveness of the car insurance market is driving UBI growth as a means for insurance companies to differentiate their customer propositions as well as improving operational efficiency. An insurance model - usage-based insurance ("UBI") - offers possibilities for insurers to do more efficient market segmentation and accurate risk assessment and pricing. Insurers require an IoT solution for the purpose of data collection and performance analysis
Case Study
Smooth Transition to Energy Savings
The building was equipped with four end-of-life Trane water cooled chillers, located in the basement. Johnson Controls installed four York water cooled centrifugal chillers with unit mounted variable speed drives and a total installed cooling capacity of 6,8 MW. Each chiller has a capacity of 1,6 MW (variable to 1.9MW depending upon condenser water temperatures). Johnson Controls needed to design the equipment in such way that it would fit the dimensional constraints of the existing plant area and plant access route but also the specific performance requirements of the client. Morgan Stanley required the chiller plant to match the building load profile, turn down to match the low load requirement when needed and provide an improvement in the Energy Efficiency Ratio across the entire operating range. Other requirements were a reduction in the chiller noise level to improve the working environment in the plant room and a wide operating envelope coupled with intelligent controls to allow possible variation in both flow rate and temperature. The latter was needed to leverage increased capacity from a reduced number of machines during the different installation phases and allow future enhancement to a variable primary flow system.
Case Study
Automated Pallet Labeling Solution for SPR Packaging
SPR Packaging, an American supplier of packaging solutions, was in search of an automated pallet labeling solution that could meet their immediate and future needs. They aimed to equip their lines with automatic printer applicators, but also required a solution that could interface with their accounting software. The challenge was to find a system that could read a 2D code on pallets at the stretch wrapper, track the pallet, and flag any pallets with unread barcodes for inspection. The pallets could be single or double stacked, and the system needed to be able to differentiate between the two. SPR Packaging sought a system integrator with extensive experience in advanced printing and tracking solutions to provide a complete traceability system.
Case Study
Transforming insurance pricing while improving driver safety
The Internet of Things (IoT) is revolutionizing the car insurance industry on a scale not seen since the introduction of the car itself. For decades, premiums have been calculated using proxy-based risk assessment models and historical data. Today, a growing number of innovative companies such as Quebec-based Industrielle Alliance are moving to usage-based insurance (UBI) models, driven by the advancement of telematics technologies and smart tracking devices.
Case Study
MasterCard Improves Customer Experience Through Self-Service Data Prep
Derek Madison, Leader of Business Financial Support at MasterCard, oversees the validation of transactions and cash between two systems, whether they’re MasterCard owned or not. He was charged with identifying new ways to increase efficiency and improve MasterCard processes. At the outset, the 13-person team had to manually reconcile system interfaces using reports that resided on the company’s mainframe. Their first order of business each day was to print 20-30 individual, multi-page reports. Using a ruler to keep their place within each report, they would then hand-key the relevant data, line by line, into Excel for validation. “We’re talking about a task that took 40-80 hours each week,” recalls Madison, “As a growing company with rapidly expanding product offerings, we had to find a better way to prepare this data for analysis.”
