The Solution
Interactive introduced its proprietary Insurance and Risk Information System (iRIS) to address these challenges. iRIS enabled the company to customise risk assessment questionnaires and disseminate them via an integrated online portal. This powerful platform – made accessible to its various business in different locations as well as risk manager – formed a single hub for the streamlined creation, location management and collection of data. A notification system also improved turnaround times by reminding stakeholders of their responsibilities. In addition to this, the system eliminated the need to manually consolidate data. Instead reports could be automatically generated, speeding up the process from weeks to just a few days. An added bonus was the reduction of human error.
Risk managers found the ability to monitor the process invaluable as it allowed them to take a snapshot of results at any point in the data collection. Another useful function was iRIS' in-built currency conversion capability which automatically converts values declared in the local currencies into the corporate currency vis-à-vis client-defined exchange rates. Risk managers and respondents also found the feature to organise cover notes and policy documents into multiple folders useful. This feature allows authorised users to search for policy documents according to their content.
The client was also able to benefit from iRIS in subsequent years. Each annual data declaration has been made easier as users are now able to copy over previous year's values to current year declarations. Overall, the client reported a significant improvement in global and local policy management and productivity.