Welcome to a new series of blog posts that we’re running called "client focus." Our goal is to recognize what clients have been doing with Aon RiskConsole, the justification for their investment in risk management information software, and the results they've seen from turning risk and insurance data into insights.
In this, our first post in the series, we focus on the Mosaic Company. Mosaic was featured in a previous issue of Aon 360 magazine and is a great example of how a company can use Aon RiskConsole to improve the renewal-data collection process and, as a result, generate significant cost and time savings.
RiskConsole case study: The Mosaic Company
About the Mosaic Company
The Mosaic Company is the world’s leading producer of concentrated phosphate and potash crop nutrients, two vital plant nutrients required to grow the food the world needs.
Mosaic’s main risks include exposures in property, environmental management, general liability, marine liability and cargo.
Facts & Figures
- Employees: 8,400
- Annual potash capacity: 10.4 million tonnes
- Annual phosphate capacity: 10.3 million tonnes
- Distribution and office facilities: 8 countries
- Customers: 40 countries
- Community investment: $24.2 million
- Direct economic impact: $1.6 billion
- Potash mines and production facilities: 5
- Phosphate rock mines and plants: 9
Website address: mosaicco.com
Why did the Mosaic Company adopt Aon RiskConsole?
The Mosaic risk management team, with the support of executive management, identified a clear need to improve its exposure data across all lines and geographies in order to achieve a number of key goals, including:
- Improving the way risks are presented to underwriters and improving confidence in the accuracy of the risk and insurance data.
- Elevating loss prevention strategies, contractual risk transfer and other risk-mitigation initiatives.
- And, actively reducing the total cost of risk.
In order to achieve these goals, the Mosaic Company wanted to:
- Accelerate the manual process of gathering data from their 90 business operations, which took up to eight weeks and involved many emails and spreadsheets.
- Ensure data was collected from all business operations; before RiskConsole, the exposure data from multiple locations in each country was provided as a single submission, which limited the depth of data available to underwriters.
- Quickly identify and track risks at all locations and in every phase of production and distribution.
- And, reduce the potential for data errors caused by manual data management practices.
What capabilities has the Mosaic Company implemented?
Although the Mosaic Company use RiskConsole to automate many of the processes involved with gathering, compiling and analyzing exposure data across multiple lines, the implementation was completed in a series of phases:
- Phase 1: renewal data collection for casualty, marine and executive risk lines.
- Phase 2: integration of exposure data related to property values and business interruption.
- Phase 3: remaining lines of exposures are added to RiskConsole.
Furthermore, the Mosaic Company uses the RMIS system to track limitations or exclusions from policies, to ensure that those exposures are recognized and addressed through other mitigation strategies.
What have been the results from using the system?
A telling result for the Mosaic Company has been a reduction in premium. For one line, the reduction was more than 10 percent, which is attributed to an improved quality and completeness of the data being submitted to underwriters.
However, there are other key benefits, which support Mosaic’s corporate strategy and vision:
- Reducing the amount of time spent on gathering, analyzing and reporting on risks; for example, six weeks have been eliminated from the data-gathering process.
- Being able to access risk and exposure data from one system.
- Expanding the ability to capture more detailed information, which has increased by 20% across the organisation and now includes all 90 locations.
- And, increasing underwriter confidence in the quality of the data being provided and their understanding of the operations being insured.
Steve Cloutman is the Managing Director of Aon eSolutions' Europe, Middle East and Africa operation. Steve is based in London and can be reached by email at Steve.Cloutman@aon.co.uk.
