Ventiv Technology

THE CAPTIVE INSURANCE COMPANY'S GUIDE 11 GLOBAL CHEMICAL PRODUCER A leading global chemical producer, with significant U.S. operations, maintains captive insurance companies for insurable risk transfer and to support the parent company with global insurance management claims management and risk-engineering activities. When the opportunity came up to replace their self-built risk management information system, which had been used for more than ten years, in combination with other ad-hoc system 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 system. • 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. • Information and reporting available for preparing Solvency II submissions. • Integration of insurance financial transactions with corporate accounting systems. • Overall improvement of business process. Ventiv IRM™ 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 plus the need for a dedicated IT resource. It also allowed them to converge multiple systems into a single, auditable and supported system. THE CAPTIVE INSURANCE COMPANY'S GUIDE 11

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