Leading global advisory, broking, and solutions company, WTW (NASDAQ: WTW), has announced an exciting partnership with Riskonnect to pilot a groundbreaking analytical delivery tool. This tool, powered by the new WTW Risk IQ API (application programming interface), connects claims and exposure data, offering clients the opportunity to evaluate their claims data in a more efficient and accurate manner.
The collaboration between Riskonnect and WTW aims to help clients identify, assess, and quantify inefficiencies in their claims data, while reducing errors and anomalies associated with manual processes. By eliminating the labor-intensive tasks of uploading complicated risk and claims data into models, clients can achieve real-time actionable insights for their risk mitigation strategies.
The first application of the Risk IQ API will connect risk and claims data stored in Riskonnect to WTW’s Workers’ Compensation Diagnostic (WCD) Tool. This tool is designed to assess a client’s claims handling process, evaluating the efficiency of their Workers’ Compensation program and identifying ways to reduce future losses. By assessing nine key metrics, the WCD tool projects the financial impact of different cost containment solutions.
The success of this approach was recently demonstrated with The Wendy’s Company, a global fast-food chain. By utilizing Risk IQ’s predictive modeling system and analyzing extensive data on types of injuries, severity, and costs driving workers’ comp claims, the company efficiently allocated capital to risk mitigation.
This partnership between Riskonnect and WTW is expected to strengthen and support clients in other areas, such as property, by providing them with the opportunity to develop risk strategies using additional Risk IQ tools like Property Quantified, Global Peril Diagnostic, and Climate Diagnostic.
John Merkovsky, Global Head of Risk & Analytics at WTW, expressed his delight in partnering with Riskonnect to enhance their capabilities with industry-leading analytical tools. The Risk IQ model was initially established to streamline data and drive better risk mitigation outcomes, as well as provide efficiencies and cost savings. Merkovsky also mentioned the latest enhancement to the Risk IQ platform, the Workers’ Compensation Diagnostic tool, and expressed excitement about rolling out other tools in the future.
Jim Wetekamp, CEO of Riskonnect, shared his enthusiasm for the partnership, highlighting the value it adds for customers by empowering them with additional tools to quantify, analyze, and stay ahead of ever-changing risks. Wetekamp emphasized Riskonnect’s mission of helping organizations transform the way they perceive and manage risk by providing the most advanced technologies available.
WTW (NASDAQ: WTW) is a data-driven, insight-led solutions provider in the areas of people, risk, and capital. With a global presence and local expertise in 140 countries and markets, WTW helps organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance.
Riskonnect is a leading integrated risk management software solution provider, empowering organizations to anticipate, manage, and respond in real-time to strategic and operational risks across the extended enterprise. Their unique risk-correlation technology has been utilized by over 2,500 customers across six continents, delivering previously unattainable insights that drive better business outcomes.
This partnership between WTW and Riskonnect represents a significant step forward in revolutionizing risk analysis, providing clients with innovative tools to make informed decisions and mitigate risks effectively.