“The return on investment from our CaseWare Monitor implementation has been significant. The insight provided by the solution has allowed us to be proactive with the adjustment of controls that would only have been possible after controls were breached. Business operations have improved tremendously, as we are now only able to monitor for gaps in business processes and make the necessary adjustments to ensure optimal performance.”
Algernon Cargill, Director
The National Insurance Board (NIB) is responsible for administering the social security program in the Commonwealth of the Bahamas. Its primary mission is to provide income replacement in respect of sickness, invalidity, maternity, retirement, death, industrial injury/disease, and involuntary loss of income.
NIB performs a mission that is vital to the social, economic and infrastructural development of an entire nation and is the sole fund manager for the Nation’s Insurance Fund; a source of funds solely dedicated to the country’s overall growth and development.
NIB decided to conduct a Proof of Concept (POC), where 16 key controls were selected to be monitored. The process demonstrated a potential return on investment of over 1,000 percent in quantifiable savings.
Based on the cost/benefit analysis and an attractive value proposition, the NIB management team decided to proceed with the implementation of Alessa. The implementation resulted in the monitoring of over 50 controls in the critical stages of the insurance process including registration, eligibility assessment, claims, adjudication and payment.
The solution provides instant notification of all exceptions allowing NIB to have a robust exception management system that is proactive. Now, NIB can focus on the pertinent issues within their day-to-day operations that will help achieve their objectives.
On an ongoing basis, NIB can now enable:
- Immediate detection of anomalies
- Efficient monitoring of 100 percent of all claims
- More efficient and accurate claims processing
- Better insight into the key business controls resulting in major improvements in policies and procedures
How Alessa Can Help
Contact us today to learn about our fraud management and AML compliance services for insurance agencies.