This collaboration enables clients of both companies to better evaluate their claims data by identifying, assessing, and quantifying inefficiencies while reducing errors and anomalies. The partnership eliminates manual processes typically involved in uploading complex risk and claims data, providing clients with real-time, actionable insights for their risk mitigation strategies.
Initially, the Risk IQ API will link risk and claims data stored in Riskonnect to WTW’s Workers’ Compensation Diagnostic Tool. This tool evaluates the efficiency of a client’s claims handling process, identifying opportunities to minimize future losses. The Workers’ Compensation Diagnostic assesses nine key metrics to identify strengths and weaknesses and projects the financial impact of various cost containment solutions.
The collaboration has already seen success with The Wendy’s Company, a global fast-food chain that has extensive data on types of injuries, severity, and costs driving its workers’ compensation claims. By using the data through Risk IQ’s predictive modeling system, the company effectively allocated capital toward risk mitigation.
The partnership is expected to bolster support for clients across additional areas such as property, offering opportunities to develop risk strategies with other Risk IQ tools like Property Quantified, Global Peril Diagnostic, and Climate Diagnostic.
John Merkovsky, Global Head of Risk & Analytics, WTW. “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 of Riskonnect also commented, saying: “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, analyse, and stay ahead of ever-changing risks.”
He added: “And it furthers Riskonnect’s mission of helping organisations transform the way they perceive and manage risk, by providing the most advanced technologies available.”
