Insurance broker WTW has formed a partnership with Riskonnect to pilot an analytical delivery tool that connects claims and exposure data through its new offering 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 labor-intensive manual processes required for 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.
A WTW representative confirmed that the new offering currently applies only to workers comp, but property risk quant and insights will launch this summer.
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 Co., a global fast-food chain that 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 modeling 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, WTW said.
“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,” commented John Merkovsky, global head of Risk & Analytics, WTW, in a statement.
“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,” according to Jim Wetekamp, CEO, Riskonnect, an integrated risk management software solution provider.
“And it furthers Riskonnect’s mission of helping organizations transform the way they perceive and manage risk, by providing the most advanced technologies available,” Wetekamp continued.
Source: WTW
Topics InsurTech Workers' Compensation Tech New Markets Willis Towers Watson
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