Admiral Group plc streamline Global Risk Management
The history of Admiral Group is one of growth, profitability, and innovation. Admiral launched in 1993 with just one brand, zero customers, and 57 staff members. In 2004, Admiral went public on the London Stock Exchange and became Wales’ only FTSE 100 company.
The group now offers home, van, and travel insurance as well as personal loans and car financing in the UK. It also has operations in Spain, Italy, France, the US, Canada, India, Mexico, and Turkey, and has over 7 million customers worldwide.
In maintaining a global presence and diverse portfolio of financial products, as well as protecting their market-leading position, Admiral’s risk management program is vitally important. There was a desire to improve the oversight of the risk profile throughout the Group and create a more streamlined and improved reporting capability.
After evaluating several different vendors, Admiral chose Ideagen Risk Management to provide them with the assurance that they’re meeting the requirements of not only regulators but also their executive teams and boards. For large global organizations like Admiral, the management team needs accurate, actionable data on their organization’s top risks so they can make informed decisions quickly.
The benefits of Ideagen Risk Management were apparent almost immediately.
The Challenge
Huw Thomas, Enterprise Risk Manager at Admiral, had a very clear vision for what the new system needed to deliver.
“There were three main challenges we faced with our old system. We used to struggle for hours trying to create custom reports and needed a way to quickly create tailored, drillable reports.
“Similarly, aggregation of risk was incredibly time-consuming and was mainly done on spreadsheets; with a company of Admiral’s size, this quickly became unmanageable.
“And finally, end-user buy-in – the old system was not user-friendly and was poorly adopted within the business. When implementing Ideagen Risk Management, it was crucial that these needs were met.”
The Challenge
Huw Thomas, Enterprise Risk Manager at Admiral, had a very clear vision for what the new system needed to deliver.
“There were three main challenges we faced with our old system. We used to struggle for hours trying to create custom reports and needed a way to quickly create tailored, drillable reports.
“Similarly, aggregation of risk was incredibly time-consuming and was mainly done on spreadsheets; with a company of Admiral’s size, this quickly became unmanageable.
“And finally, end-user buy-in – the old system was not user-friendly and was poorly adopted within the business. When implementing Ideagen Risk Management, it was crucial that these needs were met.”
By giving each business unit the tools to control their own risk management, Admiral’s oversight has dramatically improved.
The solution
Since implementing Ideagen Risk Management, Admiral has transformed the risk management function into a streamlined, centralized system for creating a single source of truth for risk enterprise-wide.
“The benefits of Ideagen Risk Management were apparent almost immediately.
With Ideagen Risk Management, we’re able to create unique portals for stakeholders across the business to let them identify key risks quickly.
We can compare risks across the globe, and it allows users to update in real-time so we can get an accurate and up-to-date picture of the risks facing Admiral Group.”
Benefits
Efficient risk data gathering
Consolidation of risk categories
Flexible, custom reporting
Complete executive oversight
Quicker, more informed decision-making
The results
“We can produce reports in a matter of minutes, keeping senior executives informed about Admiral’s top risks. We can reuse them with a click of a button to produce a variety of different reports for different audiences and tailor them to their specific requirements.
“Ideagen Risk Management is very intuitive and buy-in from the business has been very successful. By giving each business unit the tools to control their own risk management, Admiral’s oversight has dramatically improved – the Enterprise Risk team can take a step back and look at the holistic picture of risk, incorporating a more corporate and strategic view.”
Working with Ideagen
More than the ability to deliver everything they wanted in a risk management system, Admiral chose to partner with Ideagen because they stood out as a good cultural fit for the organization.
“Its ability to be specifically tailored to Admiral made Ideagen Risk Management really stand out from the crowd. We spent time with Ideagen configuring the system to make sure it met Admiral’s needs, and that support continued to ensure the system was fully embedded. We get a great deal out of the relationship with Ideagen and feel that the direction of the product is extremely positive.”