A life sciences insurer was required to undertake risk-quality evaluations and track accumulations across its book of business.
In this world of constant change, the consistent identification of a manufacturing location is no small task – even the regulators struggle to keep pace with acquisitions, divestments, company rebranding and consistency in the declaration of company addresses. SCAIR® retains the history of all relevant company activity, making available the complete historical performance of individual locations.
SCAIR® employed its exposure reporting and Non Compliance Reporting function, which tracks activity across the life sciences sector.
SCAIR®:
SCAIR®’s use of complete compliance histories for prospects helped to raise red flags regarding individual suppliers and provide an indication of risk quality based on recalls, product shortages and regulatory interventions.
Once a risk had been deemed acceptable for coverage and was on the books, the challenge moved to tracking accumulations. SCAIR® prompts the re-use of existing supplier address information to ensure that accumulations are tracked. This is particularly important in the biopharma industry where there are some industry-wide dependencies on individual sites.
This consolidated reporting brought huge efficiencies to the business of tracking accumulations and evaluating risk quality.
SCAIR® removed the need for laborious hours researching individual companies on individual regulator’s websites.
Crucially, the prompt to use existing supplier address information ensured consistency in presenting site details and avoided the problem of missing accumulations.
