AssetWorks Case Studies Property Risk Software—Bridging the Gap between Valuation Results and Valuation Management

Edit This Case Study Record

	Property Risk Software—Bridging the Gap between Valuation Results and Valuation Management AssetWorks

Property Risk Software—Bridging the Gap between Valuation Results and Valuation Management

AssetWorks

Technology Category	Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries	Education
Applicable Functions	Business Operation
Challenge	The South Carolina School Boards Insurance Trust (SCSBIT) was facing several challenges due to its growth and the increasing demands of the insurance market. With more members joining, the amount of data that needed to be managed was growing exponentially. The insurance market was also requiring additional information like COPE and Secondary COPE data for each building on the property schedule. This additional data could potentially lead to lower rates. However, managing this data was becoming a challenge, especially since it was being shared via spreadsheets among multiple users. This method of data management was proving to be inefficient and prone to errors. Read More
About Customer	The South Carolina School Boards Insurance Trust (SCSBIT) is an organization that provides insurance services to school districts throughout the State of South Carolina. It is responsible for managing everything from policy issuance and the renewal process to the marketing of the program and claims management for its members. The organization is based in Columbia, SC and has 3,500 property listings valued at approximately $13 billion. It serves 57 member districts, which in turn serve nearly 400,000 students. Read More
Solution	SCSBIT implemented the AMP Property Risk Software to manage their growing data needs. This software provided a single database that could be accessed by multiple users, increasing accuracy and efficiency. It also provided an auditable history, which further increased data confidence. The software also eliminated the need for time-consuming tasks such as formatting and searching for inconsistencies between spreadsheets. It also allowed SCSBIT to deliver information to member districts and brokers in a more timely manner. The software also came with standard and custom reports, eliminating the need to create reports from spreadsheets. Read More Log in to view content
Contents

Technology Category

Functional Applications - Enterprise Resource Planning Systems (ERP)

Applicable Industries

Education

Applicable Functions

Business Operation

Challenge

The South Carolina School Boards Insurance Trust (SCSBIT) was facing several challenges due to its growth and the increasing demands of the insurance market. With more members joining, the amount of data that needed to be managed was growing exponentially. The insurance market was also requiring additional information like COPE and Secondary COPE data for each building on the property schedule. This additional data could potentially lead to lower rates. However, managing this data was becoming a challenge, especially since it was being shared via spreadsheets among multiple users. This method of data management was proving to be inefficient and prone to errors.

About Customer

The South Carolina School Boards Insurance Trust (SCSBIT) is an organization that provides insurance services to school districts throughout the State of South Carolina. It is responsible for managing everything from policy issuance and the renewal process to the marketing of the program and claims management for its members. The organization is based in Columbia, SC and has 3,500 property listings valued at approximately $13 billion. It serves 57 member districts, which in turn serve nearly 400,000 students.

Solution

SCSBIT implemented the AMP Property Risk Software to manage their growing data needs. This software provided a single database that could be accessed by multiple users, increasing accuracy and efficiency. It also provided an auditable history, which further increased data confidence. The software also eliminated the need for time-consuming tasks such as formatting and searching for inconsistencies between spreadsheets. It also allowed SCSBIT to deliver information to member districts and brokers in a more timely manner. The software also came with standard and custom reports, eliminating the need to create reports from spreadsheets.

Impact #1	Increased accuracy with multiple users sharing one database and an auditable history
Impact #2	Less time spent formatting and searching for inconsistencies between spreadsheets
Impact #3	Able to deliver information to member districts and brokers in a more timely manner

Impact #1

Increased accuracy with multiple users sharing one database and an auditable history

Impact #2

Less time spent formatting and searching for inconsistencies between spreadsheets

Impact #3

Able to deliver information to member districts and brokers in a more timely manner

Download PDF Version

Overview

Property Risk Software—Bridging the Gap between Valuation Results and Valuation Management

Operational Impact