Infinity Property and Casualty Corporation: A Case Study
Region
- America
Country
- United States
Product
- Not mentioned
Applicable Functions
- Business Operation
- Human Resources
Use Cases
- Regulatory Compliance Monitoring
About The Customer
Infinity Property and Casualty Corporation (IPACC) is a national provider of car insurance. The company is headquartered in Alabama, USA. IPACC specializes in nonstandard car insurance, providing insurance for individuals who cannot access it through standard providers due to factors such as prior driving history, age, and vehicle type. The company works with more than 12,500 independent agents to provide its services. IPACC was a recipient of the 2015 RMM Recognition Program due to its engagement across silos and levels.
The Challenge
Infinity Property and Casualty Corporation (IPACC) is a national provider of car insurance, specializing in nonstandard car insurance. They work with over 12,500 independent agents to provide insurance for those who cannot access it through standard providers due to prior driving history, age, vehicle type, and so on. The company was recognized in the 2015 RMM Recognition Program for its engagement across silos and levels. However, the company faces challenges in maintaining an open and effective line of communication between departments and increasing awareness of corporate goals across areas.
The Solution
To address its challenges, IPACC has implemented a program that consists of a diverse ERM team with members from executives to front-line employees and a variety of functional departments. The company holds monthly risk meetings to openly discuss both existing key risks as well as emerging risks. There is also quarterly formal risk reporting and communications to internal audit, and an annual comprehensive review of key risks, appetite and tolerances, as well as formal reporting to the board. In addition, the annual RMM assessment allows IPACC to identify where the company stands and benchmark their processes against industry standards. The results help define and decide what the program goals are going forward.
Operational Impact
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