SCAIR® Case Study

How an insurer informed its underwriting decisions by gathering accurate risk-quality evaluations and accumulations data

Insurance - Big Data

The Requirement

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.

The Solution

SCAIR® employed its exposure reporting and Non Compliance Reporting function, which tracks activity across the life sciences sector.

SCAIR®:

  • Tracks the historical performance of individual biopharma manufacturers and suppliers across different medical regulators
  • Consolidates the non-compliance events from US, Canadian, European and UK regulators
  • Allows users to tailor reports to companies of interest, their subsidiaries and their suppliers
  • Helps with accurate manufacturing address identification using its inventory of over 250,000 registered medicines manufacturing sites

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.

The Results

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.

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