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