Client Focus: Schlumberger | Ventiv Technology

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.”

Unravelling the insurance programme tangle

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 integrated risk management 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.

Transparency and independence

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.

Ventiv's risk management software 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.

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Taking back control: Schlumberger transforms approach to insurance renewals

Unravelling the insurance programme tangle

Transparency and independence

Taking back control

With Ventiv’s risk management software, Schlumberger has achieved these outcomes:

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Taking back control: Schlumberger transforms approach to insurance renewals

Unravelling the insurance programme tangle

Transparency and independence

Taking back control

With Ventiv’s risk management software, Schlumberger has achieved these outcomes:

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With Ventiv Patient Safety, we have all of our claims and incident data in one system, and we can better understand event trends and drivers with advanced analytics and reporting.

One of the key benefits we get from Ventiv is enhanced efficiency. It allows our adjusters to navigate easily through the different components of the claim and put more focus on getting an optimal outcome for the injured worker.

We have more than ten-year relationship with Ventiv. There’s a really strong level of trust in our relationship, which gives us confidence that the team at Ventiv is advising us based on their experience with us and knowing what we need and why.

Working with an experienced provider like Ventiv Technology is an important precondition of achieving our goals and furthering the mission of the County of Los Angeles.

Having the Ventiv team’s guidance was such a great benefit for HPIC. There were many times we turned to Ventiv to ask what other Ventiv clients in our line of work were doing; access to best practices is something we really appreciated.

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