The Mosaic Company: RMIS
The Mosaic Company—the world leader in the production, distribution, and marketing of concentrated phosphate and potash—has a broad array of risks, including exposures in property, workers' compensation, environmental management, general liability, marine liability, and cargo.
Michael R. Bishop. Mosaic's insurance manager, says manual exposure-data collection processes were restricting the company's ability to gather the level of detail desired in an efficient manner.
It was difficult to access exposure data at a highly-detailed level, due to the existing manual spreadsheet-based exposure data management process," said Bishop. We found it challenging and time consuming to identify and track risks at all locations and in every phase of production and distribution, which are essential, fundamental risk management tasks."
Automating Exposure Data Management
To achieve its exposure data management goals, Mosaic augmented the Aon RiskConsole Risk Management Information System (RMIS) with a module that automates the process of gathering, compiling, and analyzing exposure data across multiple lines.
The global exposure data management project is part of a larger, long-term Mosaic focus on developing a comprehensive risk data strategy. Since deploying its enhanced RMIS in 2005, Mosaic has moved deliberately and strategically to go beyond the more traditional use of a RMIS, which often centers on claim reporting, historical claim analysis, storage of historical policy information, and business interruption values.
According to Bishop, "Mosaic's global exposure data management project supported by RiskConsole and the exposures module has enabled us to sharpen our focus on the core of risk management—the timely identification of all risks and exposures, proper understanding and assessment of them, and the effective response to them by employees at all levels.
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