As one of the fastest growing top participatory insurance leader with a market share of 60%, Neova understands criticality of a strongly integrated and customizable GRC management solution for their growing business – and their, Excel®-based do-it-yourself management style had already been pointed out by their external auditor-KPMG- as the area that needs improvement.
Auditrunner interviewed with Yunus Emre Gurbuz, President of Neova Insurance Audit Committee, on how they tackled the challenge of digitally transforming their GRC functions to reap the benefits of the latest technology offered and how as a result they were awarded with Internal Audit Quality Assurance Awareness Award by IIA-TIDE.
"We were using manual methods like Office, Excel®, Word®. Action follow-up was done with e-mail. Specifically, we were having problems to follow-up findings during and after external audits."
Neova Insurance serves hundreds of thousands of customers, so there isn’t any room for overlooked findings, loss of time during internal and external audits, and missed opportunities.
After reviewing several vendors and with a strong recommendation from a leading agricultural insurance company, Neova Insurance ultimately chose Auditrunner as their GRC Management software because of the extensiveness of its capabilities. As a team that’s expected to excel in its industry, they were confident that they’d be able to do so with this solution.
"We had already collected several proposals but Auditrunner was the only integrated and complete GRC solution. And they had a great team that would give us support."
Additionally, the fact that they were offered endless customization opportunities was key to ensuring that they could optimize and scale their usage according to their internal needs and ever-changing regulatory demands over the years.
"We customized and gave constant feedback to Auditrunner according to our needs as the system enabled flexibility. All processes were automated. We even added AI components."
"Auditrunner team was very responsive and ready to accommodate and implement our needs in every step. When there is a new regulation or policy change introduced, we can quickly respond and ask for customization."
The extensive automation capabilities in Auditrunner allowed Neova Insurance to follow-up all GRC work in real-time on the Auditrunner platform. Neova automated and started collecting data throughout the company, eliminating the need to do a separate preparation for external audits, thus significantly reducing audit durations.
"Reporting and action follow-up dashboard is very intuitive, clear and fast. Now, reports are available anytime, and in a format that can be presented to external audit teams when needed."
Reflecting back on the past 3 years of collaboration and looking forward, Neova Insurance wishes that what has now become a collaboration rather than a software provider-beneficiary company relationship, "to continue flourishing in the future."