Data in Real-Time
Scott Borup, director of corporate risk management for Johnson & Johnson, said that with J&J's three main business entities--pharmaceuticals/biological sciences, medical devices and consumer healthcare--the risk management landscape can get very complex. For example, J&J conducts clinical trials around the world, a risk management landmine if not done properly.
"You can imagine keeping your arms around everything is a daunting task, and something like Worldview is a great innovation and help," Borup said. "We have hundreds of operating companies worldwide, and ACE issues close to 200 policies for us. We are a very compliance- focused company, so we need to have every piece of information at our fingertips. Having a clinical trial delayed is not an option for us."
Borup said that Worldview has been a great step forward for the J&J risk management process, as the tool allows J&J to accomplish and track all sorts of activities, including the issuance of policies, certificates of insurance, and claims.
"It very unlike the past, where we had a file room full of shelves of huge binders," he said. "Now we have live, real-time access to the critical data. Worldview may not be transformational in terms of insurance, but it certainly is enhancing the risk management process."
Benson led the ACE Global Services improvement effort for multinational accounts, and as the Worldview concept began to take shape, Benson's role expanded to include multinational technology initiatives, including Worldview.
Benson and the ACE Global Services team launched the pilot in the spring 2010 with about 25 multinational programs. The main rollout began during late summer 2010.
Since the launch, more than 560 clients and brokers representing 172 multinational programs have signed up to use Worldview, with about 100 new users each month.
"Client feedback has been very positive," Benson said. "Several risk managers, in fact, have cited Worldview as a key reason for moving their multinational programs to ACE."
-- Tom Starner
September 15, 2011
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