Each bank required insurance with its own accredited insurers and on its own terms. Comparing insurer quotes to match all three banks’ requirements took up to 3 weeks per tender. After commissioning, we would delay arranging policies for completed properties. Compiling insurance reports for banks by email took up to a week.
We digitised policies for all projects and added each bank’s requirements to the project profile. Ran tenders with bank accreditation filters—11 insurers submitting quotes in a unified format. Configured notifications: when a property is commissioned, insurance for the completed asset is triggered immediately. All bank documents collected in a repository; reports generated in one click.
-23% insurance costs – 179 000$ saved per year ; 4 days to run a tender, including bank requirements; 1 day to prepare an insurance report for the bank ; 0 bank comments on insurance for 9 projects