SOURCE: EFFISOFT

Effisoft

June 13, 2017 10:59 ET

Petrofac Boosts Risk Management with Effisoft's Webrisk RMIS

Top energy-industry service provider gets renewal submissions to the market much faster using Webrisk's flexible ability to consolidate data

LONDON, UNITED KINGDOM--(Marketwired - June 13, 2017) - Petrofac is reaping big benefits from its recent adoption of Effisoft's Webrisk risk management information system.

Headquartered in the London, Petrofac are a leading international service provider to the oil and gas production and processing industry, helping their clients unlock the full value of their energy assets--onshore and offshore, greenfield and brownfield. The group has a successful 36-year track record and now has 31 offices across the globe, and around 13,500 staff worldwide.

In June 2015 the Petrofac risk management team selected the Webrisk RMIS to help manage it annual renewal data-gathering process.

Robert McNiff, head of insurable risk at Petrofac, was recently interviewed about their experience of implementing an RMIS and working with Effisoft in particular.

You primarily use your RMIS for renewal data gathering. What was life like before?

The information-gathering process for insurance renewal was originally carried out using a mixture of spreadsheets and Word table questionnaires. With these it was difficult to coordinate the information we wanted to capture without considerable time and effort.

In addition, end users completing the information would add columns to their spreadsheet, or alter the spreadsheet generally, so consolidating the information and making overall sense of it was a time-consuming process.

So, you took the decision to implement an RMIS?

Recognising the sense in moving to a database solution, we were introduced to a system which was owned by our insurance broker. Whilst this was an improvement on the spreadsheets, unfortunately, this system proved to be too rigid, lacking the flexibility to adapt to our needs and these issues became more apparent and problematic during the implementation process.

The result was a system that improved upon the use of spreadsheets, but that still necessitated lots of additional work for us to organise the data into a meaningful state. A renewal process is time critical, so this additional intervention with the data caused delays to our renewal schedule leaving us far short of achieving the benefits we were expecting.

Then you came across Effisoft.

We were introduced to Effisoft as a potential replacement system supplier by our main broker at the June AIRMIC 2015 conference. We arranged a demonstration at their office and were immediately impressed with the system and following an endorsement by an existing Effisoft client we agreed to utilise the system ahead of our next renewal. We set Effisoft a tight deadline of creating a new risk portal for our renewal data-gathering which had to be ready by October that year, and that deadline was subsequently achieved.

How have things differed?

One of the many things we really like about the Webrisk system is its flexibility and ease of use. This has meant a system which meets our requirements rather than vice versa, and the result is a highly intuitive system for the end user, combined with the ability to immediately consolidate the data for reporting and analyse centrally.

In turn, this has meant that together with our broker, we can prepare our renewal submissions to the market much earlier than in previous years, and consequently achieve the right value insurance programme for the company.

Also, when gathering information across a diverse international enterprise such as ours, visibility is key. We want to know who has entered what information and when, who to target for chase-ups or to 'encourage', and we want to monitor progress as the renewal process advances. Webrisk not only sense checks the data input so we know that what we are seeing is correct, it also automates that chasing process and provides us with a complete view of progression throughout the entire exercise.

How have you found working with the Effisoft team?

The implementation process was smooth and on and off probably involved no more than ten days of our time over a two-month period. Since then any changes we have requested have been carried out helpfully and efficiently, and we particularly like the fact we get advice based on the experiences of other Effisoft clients.

Your overall impression?

You asked us to be open and honest and we are struggling to think of anything negative to say. Webrisk certainly does exactly "what it says on the tin," and we will be exploring other modules in the system and how they could also add value to our company.

Finally, we have a new CFO and have just also undergone an internal audit of our function, specifically what we do from a process and system perspective. It was reassuring to be able to demonstrate that we have a complete handle on our data, how it is sourced and how it is managed. With the new insurance act in force, surely this should be a requirement for any insurance and risk team, and we would recommend Effisoft to other clients.

See also www.effisoft.com/en/Our-customers/WebRisk/petrofac.html.

Effisoft is an international group that designs and develops software solutions for the insurance, reinsurance and risk management industries. The group is headquartered in Paris, France, and has offices in Florida and London. It serves the Asian and African markets through its affiliates in Singapore and Johannesburg. Effisoft has a customer base of over 300 companies in five continents, many of which are listed on the NYSE, FTSE and CAC40. Web: www.effisoft.com/en.

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