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WTW and Riskonnect join forces to launch a new Risk Diagnostic Tool

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WTW (NASDAQ: WTW) has announced a partnership with Riskonnect to launch a new Risk Diagnostic Tool. The tool will connect claims and exposure data using the WTW Risk IQ API, offering clients the opportunity to evaluate their claims data, identify inefficiencies, and reduce errors. The tool will first connect risk and claims data stored in Riskonnect to WTW's Workers' Compensation Diagnostic (WCD) Tool, providing clients with actionable insights and assessing strengths and weaknesses. The collaboration is expected to facilitate support to clients in other areas, such as property, and is anticipated to strengthen risk mitigation outcomes and provide efficiencies and cost savings.

WTW (NASDAQ: WTW) ha annunciato una partnership con Riskonnect per lanciare un nuovo Strumento di Diagnostica del Rischio. Lo strumento collegherà i dati sui sinistri e sull'esposizione attraverso l'API WTW Risk IQ, offrendo ai clienti la possibilità di valutare i propri dati sui sinistri, identificare inefficienze e ridurre gli errori. Inizialmente, lo strumento connetterà i dati di rischio e sinistri conservati in Riskonnect allo Strumento di Diagnostica per l'Indennità di Infortuni di WTW (WCD), fornendo ai clienti informazioni utili e valutando punti di forza e debolezza. Si prevede che la collaborazione faciliti il supporto ai clienti in altri settori, come quello immobiliare, e si prevede che rafforzi i risultati della mitigazione del rischio e offra efficienze e risparmi sui costi.
WTW (NASDAQ: WTW) ha anunciado una asociación con Riskonnect para lanzar una nueva Herramienta de Diagnóstico de Riesgos. La herramienta conectará los datos de reclamaciones y exposición utilizando la API WTW Risk IQ, ofreciendo a los clientes la oportunidad de evaluar sus datos de reclamaciones, identificar ineficiencias y reducir errores. La herramienta primero conectará los datos de riesgo y reclamaciones almacenados en Riskonnect con la Herramienta de Diagnóstico de Compensación para Trabajadores de WTW (WCD), proporcionando a los clientes percepciones accionables y evaluando fortalezas y debilidades. Se espera que la colaboración facilite el apoyo a los clientes en otras áreas, como la propiedad, y se anticipa que fortalezca los resultados de la mitigación de riesgos y proporcione eficiencias y ahorros en costos.
WTW(NASDAQ: WTW)는 리스크커넥트와 파트너십을 맺고 새로운 위험 진단 도구를 출시한다고 발표했습니다. 이 도구는 WTW Risk IQ API를 사용하여 클레임 및 노출 데이터를 연결하여 고객이 자신의 클레임 데이터를 평가하고 비효율을 식별하며 오류를 줄일 기회를 제공합니다. 이 도구는 먼저 리스크커넥트에 저장된 위험 및 클레임 데이터를 WTW의 근로자 보상 진단(WCD) 도구에 연결하여 고객에게 실행 가능한 통찰력을 제공하고 강점과 약점을 평가합니다. 이 협력은 부동산과 같은 다른 분야에서 고객 지원을 용이하게 할 것으로 예상되며 위험 완화 결과를 강화하고 효율성 및 비용 절감을 제공할 것으로 기대됩니다.
WTW (NASDAQ: WTW) a annoncé un partenariat avec Riskonnect pour lancer un nouvel Outil de Diagnostic de Risque. L'outil connectera les données de réclamations et d'exposition en utilisant l'API WTW Risk IQ, offrant aux clients l'opportunité d'évaluer leurs données de réclamations, d'identifier les inefficacités et de réduire les erreurs. L'outil connectera d'abord les données de risque et de réclamations stockées chez Riskonnect à l'Outil de Diagnostic de Compensation des Travailleurs de WTW (WCD), fournissant aux clients des insights actionnables et évaluant les points forts et les faiblesses. La collaboration devrait faciliter le soutien aux clients dans d'autres domaines, tels que la propriété, et devrait renforcer les résultats de l'atténuation des risques et offrir des efficacités et des économies de coûts.
WTW (NASDAQ: WTW) hat eine Partnerschaft mit Riskonnect angekündigt, um ein neues Risikodiagnosetool einzuführen. Das Tool wird Schadens- und Expositionsdaten über die WTW Risk IQ API verbinden, um Kunden die Möglichkeit zu geben, ihre Schadensdaten zu bewerten, Ineffizienzen zu identifizieren und Fehler zu reduzieren. Zuerst wird das Tool Risiko- und Schadensdaten, die in Riskonnect gespeichert sind, mit dem WTW-Arbeiterentschädigungs-Diagnosetool (WCD) verbinden und den Kunden handlungsrelevante Einsichten bieten und Stärken sowie Schwächen bewerten. Es wird erwartet, dass die Zusammenarbeit die Unterstützung für Kunden in anderen Bereichen, wie Immobilien, erleichtert und erwartet wird, dass sie die Ergebnisse der Risikominderung stärkt und Effizienzen und Kosteneinsparungen bietet.
Positive
  • The partnership with Riskonnect will allow WTW to provide clients with actionable insights and efficiencies in risk mitigation.
  • The new Risk Diagnostic Tool will connect claims and exposure data through the WTW Risk IQ API, enabling clients to better evaluate their claims data and reduce errors.
  • The collaboration between Riskonnect and WTW will strengthen support to clients in various risk areas, such as property, by providing additional tools for risk strategies.
Negative
  • There are no negative aspects mentioned in the press release.

LONDON, April 29, 2024 (GLOBE NEWSWIRE) -- WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, today announced a partnership with Riskonnect to pilot an innovative analytical delivery tool which connects claims and exposure data through its new 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 the labor-intensive manual processes involving in 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. 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 Company, a global fast-food chain who 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 modelling 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.

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, CEO, 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.” 

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success and provide perspective that moves you. Learn more at wtwco.com.

About Riskonnect: 

Riskonnect is the leading integrated risk management software solution provider. Our technology empowers organizations with the ability to anticipate, manage, and respond in real time to strategic and operational risks across the extended enterprise.    

More than 2,500 customers across six continents use our unique risk-correlation technology to gain previously unattainable insights that deliver better business outcomes. Riskonnect has more than 1,000 risk management experts in the Americas, Europe, and Asia. To learn more, visit riskonnect.com. 

Media Contacts

Sarah Booker +44 (0)7917 722040
Sarah.booker@wtwco.com 


FAQ

What is the partnership announced by WTW?

WTW has announced a partnership with Riskonnect to launch a new Risk Diagnostic Tool.

What is the purpose of the Risk Diagnostic Tool?

The tool will connect claims and exposure data, offering clients insights into their claims data, identifying inefficiencies, and reducing errors.

What specific tool will connect risk and claims data in the collaboration with Riskonnect?

The WCD Tool designed to assess a client's claims handling process, providing actionable insights and assessing strengths and weaknesses.

What other areas will the collaboration support clients in?

The partnership is expected to strengthen support to clients in areas such as property, by providing additional tools for risk strategies.

Who are the key individuals representing WTW and Riskonnect in the partnership?

John Merkovsky, Global Head of Risk & Analytics, WTW and Jim Wetekamp, CEO, Riskonnect are the key individuals representing WTW and Riskonnect in the partnership.

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