Vodafone Group, the global telecommunications company chooses Webrisk.
Vodafone Group plc is a global telecommunications company and one of the most valuable brands in the world with over 400 million customers. Headquartered in London, the company operates in around 30 countries and partners with networks in over 50 more.
The London based Group Insurance team comprises four people, with a further seven based in Malta managing the captive. Altogether there are more than 100 business units involved in the global insurance portfolio, being covered by in excess of 20 classes of insurance.
Webrisk was implemented in 2015 to help streamline and improve upon the insurance renewal process which was previously carried out utilising spreadsheets. Senior Group Insurance Manager, Lisa Coomber states, ‘We gather data from well over 150 people globally each year, and we have to encourage them with a system that is both intuitive and that adds value.’
In setting up the new data gathering solution Webrisk worked closely with the Vodafone team and their underwriters to establish the most efficient way of capturing the data. With such a high volume of assets (50,000 in one territory alone) the flexibility of Webrisk and the experience of the team were key.
The Vodafone captive also now uses the system to help with the annual premium allocation exercise. This too was previously managed using spreadsheets and is highly complex involving fixed and minimum premiums in various territories, fronting, taxes and many other criteria to be taken into consideration. With this centralised system, what used to take the teams many weeks to complete now automates most functions and includes a modelling capability. There is a view to further enhance this to include optionality for invoice production and payment management.
‘We need to have all our information in one place and we are a brand that loves change, says Lisa, ‘and we now have all our data consolidated and auditable, with supporting workflow processes that improve efficiency and give us more time for analysis’.
‘What we particularly like about Webrisk’, continues Lisa, ‘is the fact they understand what we want, we jointly establish a solution, and then they get on and deliver it.’