Challenge: Falvey Insurance Group struggled to access its internal data, which prevented business leaders and frontline underwriters from being able to use real-time data to make decisions.

Solution: Domo helps the company collect and share data from across the organization to enable real-time access and comprehensive analysis.

Impact: Falvey Insurance Group uses Domo to deliver more value to its clients, enhancing its competitiveness.

Falvey Insurance Group reduces risk with Domo

As one of the largest cargo insurance providers in the US, Falvey Insurance Group helps shippers ensure that their cargo is protected from loss, damage, and delays. Thanks to Domo, Falvey Insurance Group can leverage data to stay ahead of risk, competitors, and the weather.

“We’ve embedded Domo throughout our company,” said Mike Falvey, founder and CEO at Falvey Insurance Group. “Data is no longer sitting in one department that parses out information. Everyone has Domo, and everyone is using it to be curious and get answers.”

Making answers more accessible

Before Domo, Falvey Insurance Group struggled with in-house, proprietary data systems that were difficult to access. Every time a department had a question, it could take weeks for a data analyst to evaluate the requirements and figure out how to design the query. By the time an answer came, the data was often outdated.

“There’s a ton of data involved in providing quality reporting, including real-time vessel locations, cargo volumes, and warehouse locations. It could sometimes take two weeks for me to put together a report, and we just realized that we were always at a lag and putting in so much effort into getting the data we needed to make it presentable,” said Jack Falvey, COO at Falvey Insurance Group.

“Not only was it inefficient, it was frustrating,” said Eric Muenkel, director of data and innovation at Falvey Insurance Group. “The data is all ours, and in our systems, but it wasn’t accessible or transparent. Everything was locked behind this bureaucratic process.”

Using Domo, Falvey Insurance Group is able to bring all its data together into a single source of truth that any user can leverage to make informed decisions.

“Since our adoption of Domo, our company has grown 5x. A lot of that is because we are able to move at a fast pace and communicate with our frontline underwriters to make decisions about what’s happening,” said Jack Falvey. “On the backend, we’ve had tremendous cost savings getting the right information to the right teams at the right time, managing workload metrics so we know who to hire and when, and identifying how prospects are engaging with our marketing materials to drive conversions faster.”

Thanks to Domo’s expansive library of connectors, Falvey Insurance Group can combine everything from customer data and real-time vessel locations to cargo valuations and weather data to understand, price, and manage risk at a more detailed level. “Being able to aggregate those all into one place, and show a combined picture across the board, has been a game changer from a knowledge perspective for both our underwriting and our C-suite,” said Matthew Rebello, vice president, technology and data innovation at Falvey Insurance Group.

Dashboards now make data instantly accessible so executives know where to focus their time and energy. “There’s not a day that goes by where I don’t use Domo. It’s usually the first thing I look at every day. We have a dashboard that shows our overall data and our daily production goals so we know which accounts to focus on. Not only does this help our productivity, but it helps us control our loss ratio, which is the lifeblood of our company,” said Billy Worthington, vice president, shipper’s interest at Falvey Insurance Group.

“I’ve heard horror stories from competitors where it takes them two or three months for their people to pull the kind of reports we can pull in 10 seconds,” Worthington said. “Our ability to use real-time data is a huge differentiator that gives our clients confidence they are working with someone who can really help them.”

Weathering the storm with data

With the ability to instantly understand its risk around the world, Falvey Insurance Group can now work with customers to anticipate issues and protect their cargo. Not only does this help shippers deliver their products on time, but it helps reduce the odds that Falvey Insurance Group will have to pay an expensive claim, improving the bottom line.

“We can now look at our exposure to something like an upcoming hurricane to figure out our exposure in terms of which warehouses on its potential path are ours, which of our clients have goods there, and who we need to alert,” said Muenkel.

With this information, Falvey Insurance Group is now able to add more value to its client relationships by helping them move goods out of the area or reroute shipments.

“One of our biggest worries is weather events; it causes a lot of underwriting stress on our part,” said Worthington. “Knowing when a storm is coming, where customers are located, and how they might be affected lets us do a proactive loss prevention consultation. Many times, customers don’t even know what they have or what warehouse it is in, so this data helps them make decisions they wouldn’t know to make on their own.”

Empowering smarter presentations

Falvey’s company leaders regularly visit London, a major cargo insurance market, to make presentations about its business results. Before Domo, executives had to spend weeks working on the business report which they would print and put into binders the night before boarding their flights. The executives would have to check a bag full of these reports, so they could physically pass them out during their on-site London meetings. Today, executives can pull up that same data on a dashboard to display in a conference room.

“We’re able to pull our data for a presentation from the day before, not from weeks ago. That’s a major benefit to us. And if a partner asks questions about the data, I can build a quick analysis and get them that information right in the meeting. Instead of spending a month and a half of preparation just to present outdated information, we’re able to present timely, accurate data without worrying about the logistics of producing it,” Jack Falvey said.

Doing more with consumption-based pricing

Because the company wanted to leverage analytics throughout its organization, Falvey Insurance Group was initially concerned about the cost of licenses for all its employees. With Domo’s consumption-based pricing, Falvey Insurance Group can ensure everyone has full access to all the insight they need to do their work.

“The consumption-based model represented a step forward towards our vision of getting everybody within the organization familiar with Domo,” Muenkel said.