Pekin Insurance is one of the most successful providers in the US, offering home, auto, life, health, and business insurance since 1921. With an ever-growing customer base, they were finding limitations in the amount of third-party assessments they could perform utilizing emails, spreadsheets, and folder structures.
The team chose ThirdPartyTrust because of its ease of use and the intelligence brought via integrated data feeds, which allows for a deeper understanding and analysis of their third-party risks.
Download the full case study to discover:
- The estimated ROI
- Facts & figures about the TPRM use case
- “Before and after” numbers
The improvements on day-to-day operation
The amount of time it took to complete third-party risk assessments was the biggest pain point for the team. Following up after the initial assessment was hard and time consuming as well. Now, they’re easily assessing third-parties throughout the entire relationship, and the TPRM cycle was reduced by 2 weeks.
“We have just about doubled the amount of vendors that we can assess. Over the previous 4 years we could process and report on 1.5 vendors per week. With ThirdPartyTrust we have the capability to report on 3 or 4 per week”, said Greg Bee, CISO at Pekin Insurance.
Pekin Insurance Case Study: From Manual to Automated
Necessary interactions with vendors were dramatically reduced, as questionnaires are sent automatically through the ThirdPartyTrust platform. When they’re completed, the team at Pekin is notified to easily access the information and make any follow up questions needed, all within the same place.
“We now have an automated and more efficient process. We get more information from third-parties and our analysis is much more thorough, with concise and accurate outcomes.”
Greg Bee, CISO at Pekin Insurance
The volume of assessments they’re able to take in is much bigger. The team is now 40% faster in evaluating the CSA-CAIQ and SIG questionnaires than they were with the manual process before.
On the other hand, vendors appreciate the ability to provide information and industry specific questionnaires through the tool, so they can be more consistent with their answers. They think it’s a more effective and easier process, as they’re not receiving dozens of emails with questions anymore.
When asked why would he recommend ThirdPartyTrust to a colleague, Mr. Bee mentioned:
- Usability
- Richness in data
- Affordable price
“What impressed me the most about ThirdPartyTrust was the simplicity and the intelligence brought into it through data feeds from Security ScoreCard, RiskRecon, BitSight, and others. The methods to determine the risk score, the automation of the third-party risk management process… I’ve never seen all this built into a single tool.”
To learn more about how ThirdPartyTrust can help you streamline your TPRM program, request your free trial now:
