Navigating Complex Global Insurance: How Viasat Mastered Risk Management with LineSlip

Managing a global insurance program for a multinational corporation is no small feat. For Viasat, a $4.5 billion global satellite communications company with over 200 legal entities worldwide, this challenge was particularly acute. LineSlip, a cutting-edge data analytics platform for risk management, has revolutionized how Viasat handles its intricate web of policies, brokers, and stakeholders. 

The Challenge: Complexity 

Steve Cervantes, the risk management leader at the helm of Viasat's insurance operations, faced a daunting task. With approximately 80 insurance policies spread across the globe and up to a dozen different brokers to manage, the sheer volume of information was overwhelming. 

"Before LineSlip, I had to go to all these brokers to give me the summary of insurance, and then I had to take it on my own to consolidate it in a common format," Cervantes recalls. "That took hours to do, and then I didn't feel confident that I had everything." 

The challenges didn't stop there. In a rapidly evolving risk landscape, Cervantes found himself grappling with increasingly complex underwriting requirements and new policy types emerging almost daily. Add to this the frequent requests for comprehensive insurance summaries—often a dozen times a year—and the task seemed too big for a one-person risk management team. 

A Solution Built for Modern Risk Management 

LineSlip offered Viasat a lifeline in this world of complexity. The platform's centralized approach to policy management aligned perfectly with Viasat's needs. By providing a user-friendly interface for quick data input and retrieval, LineSlip transformed how Cervantes interacted with Viasat's insurance information. 

One of the standout features for Viasat was LineSlip's robust reporting capabilities. The ability to generate customized summaries and analyses at the click of a button was a game-changer. "Now that it's in the LineSlip program, every binder that comes through, I just launch it over to LineSlip, and they drop it in. Once it's there, I know it's accurate and accessible," Cervantes explains. 

An additional transformative aspect was the ability to provide controlled access to other departments. Legal and accounting teams could now retrieve relevant insurance information themselves, fostering a new level of cross-departmental collaboration. 

The Result: Simplicity 

The impact of LineSlip on Viasat's insurance operations has been profound. From a financial perspective, the savings are clear: at least one full-time equivalent position, valued at over $150,000 annually. But the benefits extend far beyond mere cost savings. 

Significant time savings have been realized across the organization. Hours once spent on manual data entry and report generation have been freed up for more strategic tasks. The accuracy and consistency of insurance information across the organization has seen a marked improvement, leading to more informed decision-making at all levels. 

Collaboration has flourished. "LineSlip has definitely educated the non-risk manager professional," Cervantes notes. "Accounting is relishing everything now because all the information is right in front of them... They can open the policy, they can see the amount we paid, who we paid, who the broker was. They can even see the entity that's involved." 

This newfound transparency and accessibility have also strengthened Viasat's business continuity planning. With critical insurance information centralized and easily accessible, the company is better prepared to face unforeseen changes and challenges. 

Moreover, Cervantes now enters conversations with brokers and underwriters armed with comprehensive, up-to-date data, enabling more strategic and productive discussions about Viasat's risk management needs. 

Looking to the Future 

As Cervantes contemplates the future, he sees LineSlip as a crucial tool for ensuring a smooth transition in risk management leadership. "My successor is going to have it easy," he reflects. "They'll be able to step right in and go. I don't even need to worry about anything – I've got it all right here.” 

In an era where agility and informed decision-making are paramount, Viasat's adoption of LineSlip stands as a testament to the transformative power of the right technology in the hands of skilled risk management professionals. By centralizing information, streamlining processes, and fostering collaboration, LineSlip has empowered Viasat to navigate its complex global insurance landscape with unprecedented clarity and control. 

For multinational corporations grappling with similar challenges, Viasat's success story with LineSlip offers a compelling roadmap to mastering the intricacies of global insurance management in the digital age.