Insurance Policy & Claims Management – Multi-Location Retailer
The Challenge:
A 30-store specialty retailer with 15 insurance policies (property, liability, workers compensation, cyber, commercial auto) tracked coverage in spreadsheets with no systematic policy renewal management or claims tracking. Three coverage gaps were discovered after incidents occurred costing $185K out-of-pocket, policy renewal dates were missed requiring rush placements at unfavorable terms, and claims data wasn’t analyzed to identify risk mitigation opportunities.
The Solution:
Implemented Power Apps insurance management system with policy repository, coverage mapping, and claims tracking integrated with Fabric. Power Automate triggered renewal workflows 90 days before expiration with RFP management and broker coordination. Azure AI analyzed claims patterns identifying high-frequency locations and root causes. Power BI dashboards displayed coverage adequacy assessments, total cost of risk (premiums + deductibles + uninsured losses), claims frequency/severity trends, and loss ratio analysis by policy type.
Result:
Coverage gaps eliminated through systematic policy review preventing estimated $125K annual uninsured loss exposure, renewal process optimization generated 12% premium savings ($85K annually) through better market timing and competitive bidding, and claims analytics identified safety improvements reducing frequency 28% resulting in additional premium savings at renewal. Total cost of risk reduced 18% while maintaining appropriate coverage levels.