AssetWorks Case Studies Empowering a Small Team with a Robust Property Risk Management Solution

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	Empowering a Small Team with a Robust Property Risk Management Solution AssetWorks

Empowering a Small Team with a Robust Property Risk Management Solution

AssetWorks

Technology Category	Application Infrastructure & Middleware - Data Exchange & Integration Platform as a Service (PaaS) - Data Management Platforms
Services	Data Science Services
Challenge	Prior to implementing AMP, the North Dakota Insurance Department (NDID) was experiencing rapid growth in Total Insurable Value (TIV), operating with a small team, using a valuation tool with limitations, and aware of inaccuracies in insurable values. The development of the Oil & Gas industry in North Dakota had a big impact on the State Fire and Tornado Fund, leading to the expansion of courthouses and the construction of new schools. This growth was a key driver in the build out of a lot of new infrastructure. Read More
About Customer	The North Dakota Insurance Department (NDID) is part of the State Fire and Tornado fund that provides affordable property insurance coverage for the State and its political subdivisions since 1919. The fund covers properties ranging from the State Capitol and State Fair to the many K12 school districts and Institutions of Higher Learning across North Dakota. Located in Bismarck, ND, the population of North Dakota is more than 750,000. In 1999, the total insurable value of NDID assets was approximately $3.5 billion. Today, that number has climbed to over $14 billion. The NDID manages approximately 10,000 buildings with a total insurable value over $14 billion. Read More
Solution	By implementing AMP, NDID was able to keep up with a growing property portfolio, leverage the power of a true partnership, experience added value through robust functionality, and improve valuation data for its insured properties. With valuation models built, and continually refined, exclusively for the State of North Dakota, the AMP Valuation Estimator gives the State Fire and Tornado Fund a simple but more precise way to value the buildings on their property schedule. Beyond providing NDID with more accurate insurable values, AMP has been able to help streamline additional State Fire and Tornado fund processes around data and claims management. Read More Log in to view content
Contents

Technology Category

Application Infrastructure & Middleware - Data Exchange & Integration

Platform as a Service (PaaS) - Data Management Platforms

Services

Data Science Services

Challenge

Prior to implementing AMP, the North Dakota Insurance Department (NDID) was experiencing rapid growth in Total Insurable Value (TIV), operating with a small team, using a valuation tool with limitations, and aware of inaccuracies in insurable values. The development of the Oil & Gas industry in North Dakota had a big impact on the State Fire and Tornado Fund, leading to the expansion of courthouses and the construction of new schools. This growth was a key driver in the build out of a lot of new infrastructure.

About Customer

The North Dakota Insurance Department (NDID) is part of the State Fire and Tornado fund that provides affordable property insurance coverage for the State and its political subdivisions since 1919. The fund covers properties ranging from the State Capitol and State Fair to the many K12 school districts and Institutions of Higher Learning across North Dakota. Located in Bismarck, ND, the population of North Dakota is more than 750,000. In 1999, the total insurable value of NDID assets was approximately $3.5 billion. Today, that number has climbed to over $14 billion. The NDID manages approximately 10,000 buildings with a total insurable value over $14 billion.

Solution

By implementing AMP, NDID was able to keep up with a growing property portfolio, leverage the power of a true partnership, experience added value through robust functionality, and improve valuation data for its insured properties. With valuation models built, and continually refined, exclusively for the State of North Dakota, the AMP Valuation Estimator gives the State Fire and Tornado Fund a simple but more precise way to value the buildings on their property schedule. Beyond providing NDID with more accurate insurable values, AMP has been able to help streamline additional State Fire and Tornado fund processes around data and claims management.

Impact #1	Kept up with a growing property portfolio
Impact #2	Leveraged the power of a true partnership
Impact #3	Experienced added value through robust functionality

Impact #1

Kept up with a growing property portfolio

Impact #2

Leveraged the power of a true partnership

Impact #3

Experienced added value through robust functionality

Benefit #1	Managed approximately 10,000 buildings with a total insurable value over $14 billion
Benefit #2	Increased total insurable value of NDID assets from $3.5 billion in 1999 to over $14 billion today

Benefit #1

Managed approximately 10,000 buildings with a total insurable value over $14 billion

Benefit #2

Increased total insurable value of NDID assets from $3.5 billion in 1999 to over $14 billion today

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Overview

Empowering a Small Team with a Robust Property Risk Management Solution

Operational Impact

Quantitative Benefit