Ventiv Technology

was carried out, enabling us to operate within a much shorter time frame." He found that providing the carrier with accurate and complete information – putting them in a position to effectively defend Parmalat from a claim – allows Parmalat to avoid paying the higher flat amount of €1,600 stipulated as default by law, and instead pays what is actually due. "On average our critical claims and losses – high-frequency and low-magnitude, low-intensity claims – are worth on average €800 to €1,200," Romeo commented. Considering Parmalat's average claim amount and that RiskConsole has facilitated a much faster claim process, they now benefit from a potential saving of 50% per claim. mOnitOring kpis Managing the process within RiskConsole also means that Parmalat can run reports to monitor turnaround in terms of days from loss occurrence to the response to the insurer. They can then look at specific claim types or regions to identify trends or areas for improvement. "We identified that we were very inefficient in Southern Italy," stated Romeo. "And although laws impose 30 days, we stressed that we had to be within 25. We saw a dramatic decrease from over 80 days to approximately 15 days within three years and the reports within RiskConsole help to show that. These decreases had started before Aon RiskConsole, but accelerated with it." BespOke repOrts prOvide visiOn Several in-depth numerical and graphical reports were developed in RiskConsole specifically for Parmalat's needs. Romeo is very interested in two bespoke graphs that show the efficiency in managing claims, both passive and active, from a consolidated viewpoint. He commented, "We have about 150 active claims and 400 passive claims on a yearly basis. If we were to compare the two graphs for March 2010 with those from March 2011, both looking back four years, the improvement of the entire process, permitted by RiskConsole, is quantifiable in a 15% improvement in the number of claims closed within a reasonable time. This is because it enabled Parmalat to be time-effective and to better chase the carrier." releAsing resOurCe Historically, one of Romeo's colleagues spent several hours every day manually processing the claims. Romeo said, "They have regained about 70% of their working time. Time, which we have devolved to dealing with other things: more firepower in our office. The same goes with the field officers." Furthermore, in Q2 2011, Romeo conducted an internal survey to elicit the impact of RiskConsole. The findings were very positive, with answers either 'excellent' or 'good' for all three aspects: how RiskConsole changed their way of working; how RiskConsole has proved effective; and how they felt supported in training or in their day- to-day routine, either from their corporate offices or from Aon and eSolutions. Romeo summarized, "Everybody felt that RiskConsole was a good addition to how Parmalat managed the process. It allows them to get better information and an overall picture of what goes through their desks on a day-to-day basis." streAmlining prOCesses Users now have a better way of structuring their work and allocating time within their day. They can simply scan documents and save them on RiskConsole, which traces when they were sent, when they were saved, when the claim was lodged, and by whom. Compared to the previous process of manually collecting the documentation and then passing it over to the central team, Romeo reflected, "The savings are huge. RiskConsole allowed a more rational and streamlined way of gathering the information." Previously, they were overwhelmed with claims, sending out 20-25 every two weeks due to the cumbersome manual process. Romeo said, "That was not consistent with our needs in terms of effectiveness and timely response. Now there is a constant flow of lodging claims and we do not see them piling up. Everything is available for everyone to see – it is completely visible." refleCting On the experienCe sO fAr When asked to consider the journey with RiskConsole, he said, "The approach was pragmatic from the very beginning, resulting in a useful, pioneering tool. It has been a useful test not only for Parmalat, but also to see the product developed for our industry." In conclusion, Romeo stated, "I would of course recommend RiskConsole. It is an excellent tool for whoever has risks that need to be managed, those who are geographically diversified – either within one country or internationally – but also if the company wants to adopt one homogeneous process for evaluating them. If that is the case, RiskConsole is extremely valuable and effective." Barnaba Rise on +44 0 20 70866299 or email barnaba.rise@aon.co.uk for more information OFROMEO'SCOllEAGUE'S WORkInGTIME hASbEEnREGAInEd 70%

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