Advisory, broking and solutions company WTW has announced a collaboration with Riskonnect to pilot an innovative analytical delivery tool that links claims and exposure data via its WTW Risk IQ API.
This collaboration is aimed at enhancing risk management for clients with real-time insights.
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The partnership allows clients from both WTW and Riskonnect to better evaluate their claims data, aiming to identify inefficiencies, reduce errors and eliminate manual data uploading processes.
The Risk IQ API will initially integrate risk and claims data from Riskonnect with WTW’s Workers’ Compensation Diagnostic (WCD) Tool.
The WCD Tool is designed to assess the efficiency of a client’s workers’ compensation programme, identifying areas for potential cost reduction and projecting the financial impact of various cost containment solutions.
The tool evaluates nine key metrics to determine strengths and weaknesses within the claims handling process.
The effectiveness of the Risk IQ API has been demonstrated through its application with the Wendy’s Company. The fast-food giant utilised the predictive modelling system to allocate capital more efficiently for risk mitigation, based on extensive data on workers’ compensation claims, including injury types, severity and costs.
The collaboration is expected to extend beyond workers’ compensation, providing proactive risk evaluation benefits to clients in other areas such as property. Risk IQ tools such as Property Quantified, Global Peril Diagnostic and Climate Diagnostic will offer clients further opportunities to develop comprehensive risk strategies.
WTW global head of risk & analytics John Merkovsky 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.”
Riskonnect CEO Jim Wetekamp said: “Riskonnect is thrilled to partner with WTW to provide our customers direct access to its leading risk analytics and modelling 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 organisations transform the way they perceive and manage risk, by providing the most advanced technologies available.”
Earlier this year, Riskonnect acquired risk, insurance and underwriting solutions company Ventiv Technology.
