Imperva Case Studies Automating Compliance and Risk Management in a Major US Life Insurance Company

Edit This Case Study Record

	Automating Compliance and Risk Management in a Major US Life Insurance Company Imperva

Automating Compliance and Risk Management in a Major US Life Insurance Company

Imperva

Technology Category	Cybersecurity & Privacy - Security Compliance
Applicable Industries	Finance & Insurance
Applicable Functions	Quality Assurance
Use Cases	Leasing Finance Automation Time Sensitive Networking
Challenge	A leading North American life insurance company was grappling with the challenge of managing serious risks and ensuring compliance with regulatory standards. The company was struggling with the manual process of compliance proof and reporting, which was not only time-consuming but also prone to errors. The lack of automation in their processes was leading to inefficiencies and increased operational costs. The company was also unable to achieve 100% coverage of regulated data, which posed a significant risk to their operations. The challenge was to find a solution that could automate these processes, reduce expenses, and ensure comprehensive coverage of regulated data. Read More
About Customer	The customer in this case study is a major life insurance company based in North America. The company is a key player in the life insurance industry, offering a range of insurance products to its customers. The company is regulated by various regulatory bodies and is required to adhere to strict compliance standards. The company was facing challenges in managing risks and ensuring compliance due to the manual nature of their processes. The company sought a solution that could automate these processes, reduce operational costs, and ensure comprehensive coverage of regulated data. Read More
Solution	The company turned to Imperva, a leading provider of cybersecurity solutions, to address these challenges. Imperva's solution enabled the company to automate their compliance proof and reporting processes, leading to a fast time to value. The solution was implemented within 30 days, ensuring 100% coverage of regulated data. This not only reduced the risk of non-compliance but also identified previously unknown serious risks, thereby enhancing the company's risk management capabilities. The automation of processes also led to a significant reduction in the time taken to complete compliance audits. With fewer people required to manage these processes, the company was able to achieve more with better quality, leading to reduced operational expenses. Read More Log in to view content
Contents

Technology Category

Cybersecurity & Privacy - Security Compliance

Applicable Industries

Finance & Insurance

Applicable Functions

Quality Assurance

Use Cases

Leasing Finance Automation

Time Sensitive Networking

Challenge

A leading North American life insurance company was grappling with the challenge of managing serious risks and ensuring compliance with regulatory standards. The company was struggling with the manual process of compliance proof and reporting, which was not only time-consuming but also prone to errors. The lack of automation in their processes was leading to inefficiencies and increased operational costs. The company was also unable to achieve 100% coverage of regulated data, which posed a significant risk to their operations. The challenge was to find a solution that could automate these processes, reduce expenses, and ensure comprehensive coverage of regulated data.

About Customer

The customer in this case study is a major life insurance company based in North America. The company is a key player in the life insurance industry, offering a range of insurance products to its customers. The company is regulated by various regulatory bodies and is required to adhere to strict compliance standards. The company was facing challenges in managing risks and ensuring compliance due to the manual nature of their processes. The company sought a solution that could automate these processes, reduce operational costs, and ensure comprehensive coverage of regulated data.

Solution

The company turned to Imperva, a leading provider of cybersecurity solutions, to address these challenges. Imperva's solution enabled the company to automate their compliance proof and reporting processes, leading to a fast time to value. The solution was implemented within 30 days, ensuring 100% coverage of regulated data. This not only reduced the risk of non-compliance but also identified previously unknown serious risks, thereby enhancing the company's risk management capabilities. The automation of processes also led to a significant reduction in the time taken to complete compliance audits. With fewer people required to manage these processes, the company was able to achieve more with better quality, leading to reduced operational expenses.

Impact #1	The implementation of Imperva's solution led to significant operational improvements for the life insurance company. The automation of compliance proof and reporting processes not only reduced the time taken to complete audits but also improved the quality of work by minimizing the risk of errors. The solution also enhanced the company's risk management capabilities by identifying previously unknown serious risks. This proactive approach to risk management helped the company to mitigate potential threats before they could impact their operations. Furthermore, the solution enabled the company to achieve more with fewer resources, leading to a significant reduction in operational expenses. Overall, the company was able to improve its compliance, enhance risk management, and increase operational efficiency through the implementation of Imperva's solution.

Impact #1

The implementation of Imperva's solution led to significant operational improvements for the life insurance company. The automation of compliance proof and reporting processes not only reduced the time taken to complete audits but also improved the quality of work by minimizing the risk of errors. The solution also enhanced the company's risk management capabilities by identifying previously unknown serious risks. This proactive approach to risk management helped the company to mitigate potential threats before they could impact their operations. Furthermore, the solution enabled the company to achieve more with fewer resources, leading to a significant reduction in operational expenses. Overall, the company was able to improve its compliance, enhance risk management, and increase operational efficiency through the implementation of Imperva's solution.

Benefit #1	Achieved 100% coverage of regulated data in 30 days
Benefit #2	Identified previously unknown serious risks
Benefit #3	Reduced the time taken to complete compliance audits by 50%

Benefit #1

Achieved 100% coverage of regulated data in 30 days

Benefit #2

Identified previously unknown serious risks

Benefit #3

Reduced the time taken to complete compliance audits by 50%

Download PDF Version

Overview

Automating Compliance and Risk Management in a Major US Life Insurance Company

Operational Impact

Quantitative Benefit