Efficient Business Processes
In using Ventiv, AkzoNobel now has access to all their global insurance data from one system. The company also had direct access to the system from the Chicago office and London legacy claims hub.
“Before using Ventiv, we were operating in silos and that was putting a lot of strain on the team. Now we work as a combined team and within one system so we can be more productive, which has led to cost savings, better support for our business units and better control of our global risk transfer and insurance programs,” says Heiligers.
AkzoNobel is also experiencing more efficiency in daily operations by using Ventiv. One of the biggest time-savings is around premium allocation. Before deploying Ventiv's risk management solution, the premium allocation process required several weeks of work for multiple people. This process is now largely automated, with premiums calculated based on a number of settings including tax rates and risk engineering grades, before being allocated to all 18 business units worldwide.
Additional efficiency gains have also been seen through the elimination of process steps. “A great example I can give you is over our global payment acknowledgement forms,” says Heiligers. “These used to have to be signed by myself and a colleague. Now, as the system captures this already, we eliminated that step.”
Clear Reporting
The insurance team also uses Ventiv software to run ‘Q reports’ on their claims for legal and accounting purposes, and to be able to provide updates on claims, reserves and any changes in provisions. Using the old system, it would take at least three people, several working days to aggregate data and then get out the information they needed, which is no longer the case with Ventiv.
“We have a saying at AkzoNobel. No surprises and manage expectations,” says Heiligers. “Ventiv gives us instant access to all the claims and financial information we need to be able to inform corporate and business units about where they are on certain claims, and inform the business of our overall claims position and how we are handling and avoiding duplicate claims.”
Reflecting on the process of selecting and implementing a new insurance management information system, Heiligers provides other insurance directors some advice. “Think up front about the implementation process. I’d strongly advise setting up a professional project team, with external providers as you want the time to be as short as possible and to manage new working methodologies successfully. Finally, celebrate successes, as this system will become the backbone of your insurance department.”