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Schlumberger, the global provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry, has a highly complex insurance programme – as one would expect of a multi-national of its size and scale. The company evolved in such a way that it ended up with two captives to manage – creating a complicated and time-consuming renewal and premium calculation process.
As Schlumberger’s risk and insurance administrator Thierry Pelladeau explains: “We ended up with a very long and arduous process, with, for example, no fewer than 28 steps necessary between the declaration and the receipt of invoices. In fact, just obtaining a level budget was challenging, with premium calculation extremely opaque. Added to this, we felt we had no real control over our own destiny, with all the information and data held by the broker and not the business, and the process becoming increasingly complex year on year.”
As a first step, Thierry charged his insurance broker to undertake a full audit of the insurance process and come back with a series of action items. The broker’s main recommendation was that Schlumberger should invest in a central, robust, and flexible technology system.
After an in-depth tender process, Schlumberger partnered with specialist risk software provider Ventiv with the aim of improving efficiency and visibility to regain full control of insurance renewals and monitoring.
Crucial to the new approach was an open and honest discussion with the insurer with a view to simplifying and automating reporting. This audit was driven by a desire to reduce unnecessary human intervention, a key source of data errors and a drag on the overall data quality.
The automation project has saved Schlumberger valuable man-hours, has increased the reliability of the information recorded, and consistently delivers the insurer report on time.
The investment in Ventiv’s risk management software has transformed the process, delivering transparency and empowering Thierry to have greater visibility of Schlumberger’s insurance needs.
Risk & Insurance Administrator
Implementation of the Ventiv system was simple and intuitive. The process involved identifying all the specificities of each and every calculation, along with what information needed to be supplied by the declarant, the validator, the broker, the insurer, the insured entities, and the invoiced entities – and by when.
The Ventiv system has helped Schlumberger automate the generation of accurate renewal values and the calculation of annual premiums. Schlumberger now has the crucial ability to monitor and keep on top of movements in assets across its multinational operations.
The investment in the Ventiv system has also provided Schlumberger with independence from its broker, as it is no longer reliant on its broker to drive the process but is able to do so itself. “We have regained control of the process, saving valuable time and increasing the reliability, accuracy, and relevance of our data and invoicing” commented Thierry.
The increased control and visibility have resulted in more accurate rates; the flexibility to manage and create specific premium rates by country, region, and nature of risk; and the ability to respond dynamically to insurance rate changes.
Outside of the insurance management programme, the Ventiv risk management system provides the business with the ability to track changes in risk, ensuring that all operational changes are recorded, traced, and communicated.
Reduced complexity in its insurance programme
Removed manual processes and driven efficiency and data quality
Reduced human error through automation and process audit
Simplified and automated data gathering and risk change reporting
Improved management analysis and reporting
Gained real-time insights into its insurance needs all year round
Improved time management for staff to meet deadlines and focus on other initiatives