WTW to pilot risk diagnostic tool with Riskonnect
Global insurance broker WTW has partnered with Riskonnect to pilot an analytical delivery tool which aims to connect claims and exposure data through its new WTW Risk IQ application programme interface (API).
The collaboration aims to offer clients real time insights for their risk mitigation strategies, enabling them to identify, assess and quantify inefficiencies in data and reduce errors by eliminating the manual processes of uploading risk and claims data into the models.
The Risk IQ API will 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 evaluates the efficiency of the workers’ compensation programme 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.
Additionally, the partnership intends to offer support to clients in other areas such as property, giving them the opportunity to develop risk strategies using other Risk IQ tools. These include 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, chief executive officer, 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.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
