In response to the Insurance Act 2015, Ventiv Technology implements their Risk Software solution for Associated British Foods plc.
Associated British Foods plc (ABF) and Ventiv Technology, the largest global, independent provider of risk, claims and safety software, are delighted to announce a successful implementation of a risk software solution to drive efficiencies and improved governance in response to the changes outlined in the UK Insurance Act 2015.
ABF is a diversified international food, ingredients and retail group, owning brands such as Silver Spoon, Billingtons, Jordans and Dorset cereal plus the fashion retail giant Primark. In light of the Insurance Act 2015, they wanted to achieve better control, visibility, auditability and efficiency of their renewal data collection process.
“With the introduction of the Insurance Act 2015, we wanted to create a more efficient process to capture our renewal data collection in order to comply with the changes outlined within the act,” said Tom Richardson, group insurance director for ABF. “It was important for us to improve the governance around our data collection and validation, allowing us to cope with the scale of growth and the efficiency from moving from a manual to a more automated process. Ventiv was outstanding in their approach to the project and were able to implement the solution in a very short time frame.”
Ventiv’s solution allows ABF to collect exposure values for the placement of their insurance programme, catering for the end-to-end insurance data collection process, starting with issuing questionnaires, tracking responses, gathering and validating data through to providing data to underwriters.
“We’ve seen a lot of interest in clients looking for technology solutions in light of the Insurance Act 2015, especially around the new requirements in complying with the Duty of Fair Presentation,” said Steve Cloutman, managing director, EMEA for Ventiv Technology.
“Using our experience from prior solutions and knowledge of the demands involved within the Insurance Act 2015, Ventiv was able to deliver a full solution in a timely manner.”
The Insurance Act 2015, which came into force August 12, 2016, outlined new standards for risk and insurance management. Most noticeable was the change from the old Duty of Disclosure to the new Duty of Fair Presentation. Changes to data presentation mean that information and data must be presented in a logical and coherent format and material points must be actively highlighted.
About Associated British Foods
Associated British Foods is a diversified international food, ingredients and retail group with sales of £13.4bn, 130,000 employees and operations in 50 countries across Europe, southern Africa, the Americas, Asia and Australia.
We aim to achieve strong, sustainable leadership positions in markets that offer potential for profitable growth, and deliver quality products and services that are central to people’s lives.
Our business is split into five segments: Grocery; Sugar; Agriculture; Ingredients; and Retail.