Objective and Scope:

The client, a leading commercial bank, sought to automate insurance covenant monitoring and compliance processes. The engagement aimed to:

• Evaluate and redesign insurance monitoring processes through assessment of current workflows, data sources, and compliance controls to identify automation opportunities and high-risk pain points
• Develop an automated monitoring solution with proactive alerts for expiring/lapsed policies, inadequate coverage, and non-compliance, enabling real-time portfolio visibility and exception management

Approach:

Benori deployed a structured 3-phase agile methodology combining process assessment, solution design, and implementation. The evaluation phase mapped manual workflows and benchmarked them against industry practices. Solution design developed an automated monitoring architecture with data integration pipelines connecting loan, property, and insurance systems, incorporating COI tracking, automated alerts, and centralized data repositories. Implementation deployed dashboards with real-time compliance monitoring and configured rules engines for triggering alerts on policy expiries and covenant breaches.

Impact:

The study enabled the client to:

• Eliminate operational inefficiencies by reducing manual policy review workload by automating certificate tracking and expiry monitoring across the entire CRE portfolio while improving compliance accuracy
• Enhance portfolio risk visibility through real-time monitoring dashboards, enabling proactive identification of coverage gaps and policy lapses