Empowering a Small Team with a Robust Property Risk Management Solution
Customer Company Size
SME
Region
- America
Country
- United States
Product
- AMP Risk Base
- Valuation Estimator
Tech Stack
- Data Management
- Claims Management
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Productivity Improvements
- Cost Savings
Technology Category
- Platform as a Service (PaaS) - Data Management Platforms
Services
- Data Science Services
About The Customer
The North Dakota Insurance Department (NDID) is part of the State Fire and Tornado fund that provides affordable property insurance coverage for the State and its political subdivisions since 1919. The fund covers properties ranging from the State Capitol and State Fair to the many K12 school districts and Institutions of Higher Learning across North Dakota. Located in Bismarck, ND, the population of North Dakota is more than 750,000. In 1999, the total insurable value of NDID assets was approximately $3.5 billion. Today, that number has climbed to over $14 billion. The NDID manages approximately 10,000 buildings with a total insurable value over $14 billion.
The Challenge
Prior to implementing AMP, the North Dakota Insurance Department (NDID) was experiencing rapid growth in Total Insurable Value (TIV), operating with a small team, using a valuation tool with limitations, and aware of inaccuracies in insurable values. The development of the Oil & Gas industry in North Dakota had a big impact on the State Fire and Tornado Fund, leading to the expansion of courthouses and the construction of new schools. This growth was a key driver in the build out of a lot of new infrastructure.
The Solution
By implementing AMP, NDID was able to keep up with a growing property portfolio, leverage the power of a true partnership, experience added value through robust functionality, and improve valuation data for its insured properties. With valuation models built, and continually refined, exclusively for the State of North Dakota, the AMP Valuation Estimator gives the State Fire and Tornado Fund a simple but more precise way to value the buildings on their property schedule. Beyond providing NDID with more accurate insurable values, AMP has been able to help streamline additional State Fire and Tornado fund processes around data and claims management.
Operational Impact
Quantitative Benefit
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