In an era of aggressive mega-bank acquisitions and takeovers, First Bank stands on rarefied ground. Since its inception in 1910, the company has become one of the largest privately owned bank-holding companies in the U.S., boasting nearly a century of friendly, professional service and a comprehensive array of banking products. Today, the company serves customers in 217 locations throughout California, Florida, Illinois, Missouri and Texas, and has $10 billion in assets.

We spoke with Debbie Porter, First Bank's assistant vice president of Insurance Services, and Ken Mueller, vice president, manager of the bank's Fraud Prevention and Investigation (FPI) department, about how they are using Aon's RiskConsole to combat fraud.

TAKING CONTROL OF INFORMATION IS AN EFFECTIVE RISK STRATEGY

First Bank works with several insurance companies, Porter explains. "In the past, we relied on those carriers for information and were limited by what reports they could provide us. As time went on, it was crucial that we took control of our own claims data, so our company could fully leverage this information for analysis."

Adds Mueller, "Our primary goal was to identify and implement a new system that would enable operational efficiency and help us to identify, evaluate, track and combat fraud loss."

First Bank considered several risk management and fraud prevention systems, but Aon's RiskConsole offered most of the specific features and advanced capabilities the company was looking for. "During the selection process, we realized the system was flexible and could be tailored to answer our complete information management needs," Mueller says.

Aon eSolutions performed the conversion from First Bank's insurance companies, appropriately mapping and loading claims data into RiskConsole. "Aon's implementation team coordinated all the logistics and back-end operations with the carriers," recalls First Bank's Porter. "It was pretty seamless for our business."

Previously, First Bank was unable to use location codes, so there was no way to track where claims occurred. "RiskConsole enabled us to incorporate coding to improve our analysis capabilities," Porter says. "We can now monitor losses at each bank location and focus our risk management efforts to enhance performance."

Aon's RiskConsole also helped First Bank streamline its insurance renewal process and ensure appropriate cost allocation to its banks. The company plans to expand the access of the system to its property management department to handle coordination of property coverage.

"The property module will enable easier collect and consolidation of our property exposures, including complete COPE information," Porter says.

a powerful case management tool for MANAGING LITIGATION

Aon eSolutions also developed RiskConsole to serve as a powerful case management tool for First Bank's Fraud Prevention and Investigation department, according to First Bank's Mueller.

Previously, First Bank performed all of its fraud prevention and investigation efforts via paper-based files. While physical case files are still maintained, RiskConsole is browser-based, so it provides a collaborative platform. When an FPI staff member inputs notes, someone else in another location can open the same file to review and add information in the system's diary.

"Instead of handwritten observations, we now enter notes directly into the electronic case file," Mueller says. "It took a bit of adjustment, but it's a real time saver. Everyone keeps the notes up-to-date, so anyone reviewing the file will understand the status and can easily take over case management.

"We're also able to scan and electronically attach various types of files, such as a police report, confession, witness statement and photos," he continues. "As a result, we not only see investigator notes, but also the actual documents on which they based their conclusions. This is an important and very useful tool."