European Insurer Automates Vendor Due Diligence Process & Drives Efficiencies with ViClarity Technology
October 25, 2023
Like many business verticals, the insurance industry has a long history of outsourcing business processes and related technology, such as engaging third-party administrators (TPAs) and outside claims adjusters. In recent years, insurance organizations have experienced increased scrutiny from regulators to ensure their vendor due diligence processes are robust, and they are required to show that these processes are reviewed by the board on an ongoing basis. One such insurer turned to ViClarity’s technology platform to drive efficiency and maximize oversight.
At the outset of the partnership between ViClarity and this pan-European insurer, the ViClarity project management team worked collaboratively with the client to understand their process, where the gaps were and what they envisioned as success in the future. This included defining requirements and mocking up an initial draft of the system, along with mapping out escalations and building in the ability to trigger questions to vendors based on ISO standards. After an initial 12-week window of implementation, ViClarity launched the vendor due diligence module, which began gathering live data directly from vendors during the onboarding process.
ViClarity designed a centralized repository for affiliated providers that allows administrators and stakeholders to have full dashboard oversight and control of vendor due diligence.
Automation of the vendor due diligence process resulted in improvements that were clear to see from the client's perspective.
The company instantly benefited from real-time, color-coded ratings for each vendor and compliance scoring that allows the organization to easily identify areas requiring corrective measures. They also utilize ViClarity’s native reporting suite that provides one-click comprehensive reporting and integrates with third-party reporting tools like Power BI and Tableau. This insurer is now able to dive into the data and uncover actionable insights as part of their vendor due diligence process.
Download Case Study