Siemens
Siemens Financial Services utilizes Microsoft Server platform to launch Web-Based
Risk Management data collection application.
Siemens Financial Services, Inc. (SFS) is a leader in providing innovative financial
solution to businesses throughout the US. SFS offers a broad spectrum of products
and solutions, which can be customized to individual clients’ needs. These
products include asset-based lending, commercial business finance, equipment financing,
receivables acquisition and vendor financing. SFS is one of the 20 Siemens Operating
Companies with offices in the United States. Their team is comprised of highly seasoned
financial services professionals. Being a part of Siemens gives SFS the extensive
diversity and experience that enables them to offer clients the highest level of
creativity, flexibility, and responsiveness.
Siemens Risk Management is responsible for allocating insurance costs to over 54
reporting companies, totaling nearly 200 reporting divisions. In order to accomplish
this feat, the risk management team coordinated the delivery, completion & submission
of a 50+ page questionnaire. Approximately 10,000 individual pages had to be collected
and reviewed, with most submissions requiring several exchanges prior to being 100%
complete.
Siemens, with assistance from Innovative Architects and Marsh, developed a customized
Web-Based Risk Management Data Collection application utilizing the Microsoft Server
platform. This new application enables senior level management to view data submitted
by the field management team, long before cost allocations are made by the risk
management team. Utilizing extensive workflow and email alerts, the new risk management
data collection application provides risk managers the tools to manage the data
gathering process in an easier, timelier, and most importantly, lower cost method.
“Siemens now has immediate visibility into the data collection process. At
anytime during data collection, Siemens can delegate the administration to the field
and monitor the collection process. Siemens also knows the enterprise is using the
same questionnaires and responses are collected into a single database. This saves
a tremendous amount of time in consolidation of data used for underwriting reports.”
– Patsy Petersen, Innovative Architects
Overview
- County or Region: United States
- Industry: Financial Services
- Customer Profile:
Siemens Financial Services is a leader in providing innovative financial solutions
to businesses throughout the United States.
- Business Situation:
Siemens Risk Management is responsible for allocating insurance costs to over 54
reporting companies, totaling nearly 200 reporting divisions. In order to accomplish
this feat, the risk management team coordinated the delivery, completion, and submission
of a 50+ page questionnaire. Approximately 10,000 individual pages had to be collected
and reviewed, with most submissions requiring several exchanges prior to being 100%
complete.
- Solution:
Using Microsoft technology, Siemens launched both a centralized database to store
and analyze data and on-line , secure questionnaires (using the MSFT .Net framework)
to collect data.
- Benefits:
Web-based: available 24 hrs/365 days from anywhere in the world
Provide confidential information in a secured web-based environment.
Provide information in a standard / accepted format.
Reduced costs of collection and broker fees as applicable.
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Case Study
- Situation
Despite its position in the market, Siemens Financial Services’ processes
needed to be improved. Risk Management Data Collection was a complex, manual, time
consuming process. In addition, communication suffered as a result of a lack of
automation, meaning time-sensitive information was oft
- Solution
Having consulted business solutions provider Innovative Architects, Siemens began
a selection procedure that culminated with the selection of a services provider
that could utilize the Microsoft platform, SQL Server, and Windows to eliminate
any proprietary code. In addition, the Microsoft framework provided a solution and
methodology that could be implemented quickly, at a low-cost, and most important,
ensure enterprise stability.
Once the framework was put in place, the application was built to replace a paper
based questionnaire collection process that was laborious and prone to input error
(omissions, typos, etc.). These errors caused an additional premium to the process.
A central database application was designed to provide companies with the ability
to report exposure related data in a secured web-based environment. Finally, the
system had to be easy to use, deploy, and managed by nontechnical users.
- Benefits
Increased Data Integrity
The values reported by internal clients are the same ones used in the underwriting
and forecasting processes, eliminating any concerns regarding manual manipulation
(intended or in error).
Case Management Capacity Up, Saving Time and Money
Department members are now able to spend more time reviewing the risks as opposed
to compiling data. This application has replaced a paper based collection process
– where the data was hand keyed into MS Excel - that was laborious and prone
to input error (omissions, typos). These errors caused an additional premium to
the process.
Improved Presentation of Information
The new solution significantly enhances the entire process. In the past, when information
changed after the data has been submitted, updating that information was difficult.
Now, with the web-based application, information can be updated on a monthly basis
as appropriate.
Gives Enterprise Level Case Management Capabilities
Thanks to the Web-Based Risk Management Data Collection Application, Siemens can
now collect pertinent risk characteristics for all operating divisions (annual renewal
“projected” information and annual audited “actual” information).
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