Case Study: Major Shipping/Energy Company achieves automated captive insurance management & centralized claims with Riskonnect

Major Shipping/Energy Company - Customer Case Study

Major Shipping/Energy Company, a global logistics and energy firm operating across 103 countries with over 108,000 employees, needed to automate new business processes for its Insurance subsidiary—specifically premium invoicing and asset-value tracking—and to replace decentralized, spreadsheet-driven and broker-owned legacy claims systems. Faced with extremely complicated reinsurance schedules, poor data quality, and dispersed operations, the customer engaged Riskonnect and its RMIS work platform to address these challenges.

Riskonnect delivered a configured, cloud-based RMIS work platform that automated premium invoicing (including quarterly premium calculations across multiple reinsurance layers), allocated vessel values across coverages, and replaced the legacy RMIS while integrating inbound data feeds. The new system centralized claims and reporting for 28 terminals, eliminated spreadsheet workflows, and enabled self-administration and global collaboration. Riskonnect’s solution cut a renewal/premium calculation process from up to three weeks to a couple of hours and helped drive a 50% year-over-year reduction in claims costs at one location, while improving data quality and unifying the company’s risk strategy.