Prevalent: Prevalent Insurance Customers

Prevalent Customer Testimonial

Prevalent Delivers a Proven Process

Prevalent allows us to manage third-party risk in an organized way.

— Security Officer, Medium Enterprise Insurance Company

Prevalent Case Study

Global 500 Insurance Company

Introduction

This case study of a Global 500 insurance company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

Top driver for purchasing their Prevalent third-party risk management solution:
- Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
Challenges that deploying Prevalent solved for their organization:
- A lack of automation in collecting and analyzing vendor surveys
- An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
Vendors evaluated before choosing Prevalent:
- BitSight
- Dell RSA Archer
- OneTrust
- SecurityScorecard
- ServiceNow

Use Case

Regulations or industry frameworks they must regularly report against:
- GDPR
- ISO 27001

Results

The surveyed company achieved the following results with Prevalent:

The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
- Breadth of available surveys: differentiated
- Assessment scheduling and automated chasing reminders: very differentiated
- Automated risk and compliance register: very differentiated
- Create tasks, flags, and risks based on results of assessment responses in risk register: differentiated
- Identify key controls and apply reporting to the most critical relevant risks: differentiated
- In-solution communication with suppliers on remediating risks: differentiated
- Identify and visualize relationships between entities to demonstrate dependencies and flows of information: very differentiated
- User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: very differentiated
How long it took to complete an assessment:
- Before deploying Prevalent: 3-4 weeks
- After deploying Prevalent: 2-3 weeks

Prevalent Case Study

Medium Enterprise Insurance Company

Introduction

This case study of a medium enterprise insurance company is based on an October 2019 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“Prevalent allows us to manage third-party risk in an organized way.”

Challenges

The business challenges that led the profiled company to evaluate and ultimately select Prevalent:

Top drivers for purchasing their Prevalent third-party risk management solution:
- Compliance – reporting against specific regulatory or industry framework requirements
- Stronger cybersecurity, to ensure that third parties do not introduce cyber risks that could negatively impact the business
- Reduce operational burden (the process of assessing and evaluating vendors took too much time and resources)
Challenges that deploying Prevalent solved for their organization:
- A limited ability to continuously monitor vendors
- An inability to share completed assessment content and supporting evidence to more quickly identify risks and vulnerabilities
- Having no centralization of TPRM functions
Vendors evaluated before choosing Prevalent:
- BitSight
- OneTrust
- RiskRecon

Use Case

Regulations or industry frameworks they must regularly report against:
- GDPR
- NIST 800-53
- NYDFS and CCPA
Looking to grow the number of vendors they assess in the next 12 months by more than 25%+.

Results

The surveyed company achieved the following results with Prevalent:

The following Prevalent capabilities in terms of how differentiated they are compared to the competition:
- Automated risk and compliance register: differentiated
- Map results to regulatory and industry frameworks like ISO, NIST, GDPR, CoBiT 5, SSAE 18, SIG, SIG Lite, NYDFS for reporting purposes: differentiated
- User dashboard of tasks, schedules, risk activities, survey completion status, agreements, and documents: differentiated
How long it took to complete an assessment:
- After deploying Prevalent: 3-4 weeks
Saved several days per assessment on average by utilizing the Prevalent Platform.

Prevalent Customer Testimonial

Prevalent reduced our risk exposure by allowing us to be aware of our vendors’ risks and perform mitigation steps.

— Senior IT Manager, Small Business Insurance Company

Prevalent Customer Review

5/5 Stars

How our organization uses Prevalent:

We utilize Prevalent’s vendor risk assessment process which is invaluable for us and helps reduce our risk exposure by allowing us to be aware of our vendors risks and perform mitigation steps.

Would you recommend Prevalent?

Prevalent Customer Testimonial

Prevalent has streamlined the vendor questionnaire process.

— Tracey Gernon, IT Governance and Cyber Risk Manager, Utmost Limited

Prevalent Customer Satisfaction Rating

Tracey Gernon, an IT Governance and Cyber Risk Manager at Utmost Limited, would be likely to recommend Prevalent for this reason:

Prevalent Customer Testimonial

Significant reduction in effort reviewing and analyzing vendor due diligence surveys.

— Risk Manager, Large Enterprise Insurance Company

Prevalent Customer Satisfaction Rating

A Risk Manager at a large enterprise insurance company would be very likely to recommend Prevalent for this reason:

Prevalent Case Study

Small Business Insurance Company

Introduction

This case study of a small business insurance company is based on a June 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“Reduced our risk exposure by allowing us to be aware of our vendors’ risks and perform mitigation steps.”

Challenges

Their primary vendor risk assessment pain points were:

Too much time spent scouring through disconnected sources of information to make good risk-based vendor selection decisions
Too much time spent manually onboarding new vendors
Lack of visibility into the baseline risks with a new vendor
Complex, manual assessment processes (e.g., using spreadsheets)

Estimated time spent on vendor sourcing and selection:

Before Prevalent: 1 day+
Since Prevalent: 2-4 hours

Estimated time spent on vendor intake and onboarding:

Before Prevalent: 2-4 hours
Since Prevalent: Less than 1 hour

Use Case

Currently assessing their vendors for the following:

Cybersecurity
Data Privacy

Results

Prevalent’s level of importance on the following vendor lifecycle stages:

Important for intake and vendor onboarding: very Important
Critical for scoring inherent risks
Critical for assessing vendors and remediating risks
Very important for continuously monitoring for vendor cybersecurity, reputational and financial risks
Important for offboarding and termination of vendors

Agrees with Prevalent’s abilities and results:

Prevalent allows us to do our job more effectively
Prevalent’s vendor risk assessment process is invaluable to our group
Prevalent reduced the time and complexity required to perform vendor risk assessments
They have realized major cost savings with Prevalent’s vendor risk management process
Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks
Prevalent provides a programmatic process to offboard vendors that reduces risk

Prevalent Case Study

Utmost Limited

Introduction

This case study of Utmost Limited is based on a June 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service.

“Streamlined the vendor questionnaire process.”

Challenges

Their primary vendor risk assessment pain points were:
- Too much time spent scouring through disconnected sources of information to make good risk-based vendor selection decisions
- Too much time spent manually onboarding new vendors
- Complex, manual assessment processes (e.g., using spreadsheets)

Use Case

Currently assessing their vendors for the following:
- Business Resilience
- Cybersecurity
- Financial & Credit
- Modern Slavery
- Reputation

Results

Level of agreement:
- Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: agree
- Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need: agree
- Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: agree
- Prevalent provides a programmatic process to offboard vendors that reduces risk: agree
Prevalent is critical on the following vendor lifecycle stages:
- Sourcing and selection of vendors: important
- Intake and vendor onboarding: important
- Scoring inherent risks: important
- Assessing vendors and remediating risks: important
- Continuously monitoring for vendor cybersecurity, reputational and financial risks: important
- Managing ongoing vendor performance and SLAs: important
- Offboarding and termination of vendors: important
Level of agreement:
- Prevalent allows us to do our job more effectively: agree
- Prevalent’s vendor risk assessment process is invaluable to our group: agree
- Prevalent reduced the time and complexity required to perform vendor risk assessments: agree
- We have realized major cost savings with Prevalent’s vendor risk management process.: agree

Prevalent Case Study

Large Enterprise Insurance Company

Introduction

This case study of a large enterprise insurance company is based on a July 2021 survey of Prevalent customers by TechValidate, a 3rd-party research service. The profiled company asked to have their name blinded to protect their confidentiality.

“Significant reduction in effort reviewing and analyzing vendor due diligence surveys.”

Challenges

Their primary vendor risk assessment pain points were:
- Too much time spent manually onboarding new vendors
- Lack of visibility into the baseline risks with a new vendor
- Complex, manual assessment processes (e.g., using spreadsheets)
Estimated time spent on vendor intake and onboarding:
- Before Prevalent: 1 week+
- Since Prevalent: 4+ hours

Use Case

Currently assessing their vendors for the following:
- Business Resilience
- Cybersecurity
- Data Privacy
- Financial & Credit

Results

Level of agreement:
- Prevalent provides the inherent risk visibility they need to focus on specific areas of their vendors’ risks: strongly agree
- Prevalent provides the real-time cybersecurity, reputational and financial intelligence they need: agree
Prevelant is critical on the following vendor lifecycle stages:
- Scoring inherent risks: critical
- Assessing vendors and remediating risks: critical
- Continuously monitoring for vendor cybersecurity, reputational and financial risks: very Important
Level of agreement:
- Prevalent allows us to do our job more effectively: agree
- Prevalent reduced the time and complexity required to perform vendor risk assessments: strongly agree
- We have realized major cost savings with Prevalent’s vendor risk management process.: agree

Prevalent Insurance Customers

Read how customers in the insurance industry are benefiting from the Prevalent third-party risk management platform.

Prevalent Delivers a Proven Process

Global 500 Insurance Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Medium Enterprise Insurance Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

How our organization uses Prevalent:

Would you recommend Prevalent?

Small Business Insurance Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Utmost Limited

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent

Large Enterprise Insurance Company

Introduction

Challenges

Use Case

Results

Company Profile

About Prevalent