Marsh Launches Diagnostic Tool Powered by Its Industry-Leading Analytics to Help Drive Down Casualty Total Cost of Risk
June 03 2015 - 9:00AM
Business Wire
Marsh, a global leader in insurance broking and risk management,
announced today a new casualty cost diagnostic tool powered by its
industry-leading analytics that provides clients enhanced awareness
of their casualty program costs and trends and shares strategies on
how to further control their casualty total cost of risk
(TCOR).
The MPACTSM Cost Diagnostic tool goes beyond traditional tools
by evaluating all aspects of a client’s TCOR including retained
losses, collateral, claims management costs, and risk transfer. The
analysis also includes a review of implied risk, an important
element of TCOR that takes into account the volatility associated
with specific program features, net retained liabilities, and
coverage choices.
In addition to providing casualty program performance summaries
and analyses of each TCOR element, the MPACT diagnostic output also
provides comparisons to proprietary metrics, industry best
practices, and peers, and customized recommendations for potential
cost reduction strategies.
“Managing liability and workers’ compensation risks can be
complex and costly for businesses because losses associated with
workplace injuries, auto accidents, and other large liability
losses can be difficult to predict and measure,” said Christine
Williams, a managing director within Marsh’s Casualty Practice.
“With the MPACT Cost Diagnostic tool and our recommended client
specific solution set, we are making it easier for companies to
gain insights into their unique casualty cost drivers and make more
informed decisions about risk management investments and program
structure with the ultimate goal of reducing their total cost of
risk.”
About Marsh
Marsh is a global leader in insurance broking and risk
management. Marsh helps clients succeed by defining, designing, and
delivering innovative industry-specific solutions that help them
effectively manage risk. Marsh’s approximately 27,000 colleagues
work together to serve clients in more than 130 countries. Marsh is
a wholly owned subsidiary of Marsh & McLennan Companies
(NYSE:MMC), a global professional services firm offering clients
advice and solutions in the areas of risk, strategy, and people.
With 57,000 colleagues worldwide and annual revenue exceeding US$13
billion, Marsh & McLennan Companies is also the parent company
of Guy Carpenter, a leader in providing risk and reinsurance
intermediary services; Mercer, a leader in talent, health,
retirement, and investment consulting; and Oliver Wyman, a leader
in management consulting. Follow Marsh on Twitter @MarshGlobal, or
on LinkedIn, Facebook, and YouTube.
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MarshSally Roberts, +1-303-952-9453sally.roberts@marsh.comorLee
Ann Farwell, +1-212-345-1125leeann.farwell@marsh.com
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