WTW and Riskonnect join forces to launch a new Risk Diagnostic Tool
April 29 2024 - 5:00AM
WTW (NASDAQ: WTW), a leading global advisory, broking, and
solutions company, today announced a partnership with Riskonnect to
pilot an innovative analytical delivery tool which connects claims
and exposure data through its new WTW Risk IQ API (application
programming interface).
The collaboration between Riskonnect and WTW offers clients of
both organizations the opportunity to better evaluate their claims
data to identify, assess and quantify inefficiencies as well as
reduce errors and anomalies by eliminating the labor-intensive
manual processes involving in uploading complicated risk and claims
data into the models. In doing so, clients can achieve real time
actionable insights for their risk mitigation strategies.
The Risk IQ API will first connect risk and claims data stored
in Riskonnect to WTW’s Workers’ Compensation Diagnostic (WCD) Tool.
Designed to assess a client’s claims handling process, the tool
will evaluate the efficiency of the Workers’ Compensation program
to identify ways to reduce future losses. The WCD assesses nine key
metrics to assess strengths and weaknesses and projects the
financial impact of different cost containment solutions. This was
recently successfully undertaken with The Wendy’s Company, a global
fast-food chain who had accumulated extensive data on types of
injuries, severity and costs driving its workers’ comp claims. By
utilizing the data through Risk IQ’s predictive modelling system,
the company was able to efficiently allocate capital to risk
mitigation.
By facilitating a proactive evaluation of risk benefit to
clients it is anticipated that the partnership between Riskonnect
and WTW will strengthen and facilitate support to clients in other
areas, such as property, giving clients the opportunity to develop
risk strategies using other Risk IQ tools such as Property
Quantified, Global Peril Diagnostic and Climate Diagnostic.
John Merkovsky, Global Head of Risk & Analytics, WTW, said:
“We are delighted to be partnering with Riskonnect to augment their
capabilities with our industry leading analytical capabilities. We
initially established the Risk IQ model to enable clients to
streamline data and help drive better risk mitigation outcomes as
well as provide efficiencies and cost savings. The latest
enhancement to the Risk IQ platform is our Workers’ Compensation
Diagnostic tool, and we look forward to rolling out other
tools.”
Jim Wetekamp, CEO, Riskonnect, said:
“Riskonnect is thrilled to partner with WTW to provide
our customers direct access to its leading risk analytics and
modeling platform, Risk IQ. The partnership adds significant value
for our customers, empowering them with additional tools to
quantify, analyze, and stay ahead of ever-changing risks. And it
furthers Riskonnect’s mission of helping organizations transform
the way they perceive and manage risk, by providing the most
advanced technologies available.”
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led
solutions in the areas of people, risk and capital. Leveraging the
global view and local expertise of our colleagues serving 140
countries and markets, we help organizations sharpen their
strategy, enhance organizational resilience, motivate their
workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover
opportunities for sustainable success and provide perspective that
moves you. Learn more at wtwco.com.
About Riskonnect:
Riskonnect is the leading integrated risk management software
solution provider. Our technology empowers organizations with the
ability to anticipate, manage, and respond in real time to
strategic and operational risks across the extended
enterprise.
More than 2,500 customers across six continents use our unique
risk-correlation technology to gain previously unattainable
insights that deliver better business outcomes. Riskonnect has more
than 1,000 risk management experts in the Americas, Europe, and
Asia. To learn more, visit riskonnect.com.
Media Contacts
Sarah Booker +44 (0)7917 722040Sarah.booker@wtwco.com
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