Prevalent Large Enterprise Insurance Company

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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

TechValidate Research on Prevalent

Large Enterprise Insurance Company

Introduction

Challenges

Use Case

Results

Company Profile

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