Ventiv Resource Library
Issue link: https://ventiv.uberflip.com/i/1510758
How Ventiv can help Numerous captives rely on Ventiv's risk management information system to manage rapidly expanding reporting burdens and underwriting requirements impacted by claims, policies and their associated financial movements. Global Chemical Producer 'A leading global chemical producer with signficant U.S. operations maintains captive insurance companies for insurable risk transfers. They also support the parent company with global insurance management, claims management, and risk-engineering activities. When the opportunity came to replace their self-built risk management information system, which had been used for more than ten years in combination with other ad-hoc applications such as spreadsheets, the insurance department saw an opportunity to consolidate into a single system. Their insurance department also saw an opportunity to use data more effectively for their global insurance programs while also standardizing and automating processes. The benefits realized have so far included: • Elimination of multiple systems; both ad-hoc and legacy databases have been moved to a single platform • Ability to allocate premiums in an auditable manner for tax compliance and year-on-year transparency for the business units • Claims financials allocation resulting in the production of insurance bordereaux to recover from commercial insurance and reinsurance market • Integration of insurance financial transactions with corporate accounting systems • Overall improvement of business process Ventiv's RMIS effectively manages all aspects of their global insurance programs. It has significantly improved the insurance team's effectiveness, saving 500 hours of aggregation and reporting work per year and the need for a dedicated IT resource. It has allowed them to converge multiple systems into a single, auditable, and supported system. THE CAPTIVE INSURANCE RENAISSANCE | 11