WTW and Riskonnect partner on risk diagnostic tool

WTW and risk management software firm Riskonnect are partnering to pilot an “innovative” risk diagnostic tool that promises to provide clients with real time actionable insights on their risk mitigation strategies.

The tool will connect claims and exposure data through the new WTW Risk IQ API (application programming interface).

WTW and Riskonnect said the move will help clients of both organisations to better evaluate their claims data to identify, assess and quantify inefficiencies, while reducing errors and anomalies by eliminating the labour-intensive manual processes involved in uploading complicated risk and claims data into the models.

The Risk IQ API will first connect risk and claims data stored in Riskonnect to WTW’s Workers’ Compensation Diagnostic (WCD) Tool, to evaluate the efficiency of workers comp programmes and 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.

Riskonnect and WTW said they will also move to support to clients in other areas, such as property.

John Merkovsky, global head of risk and analytics, 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.”

Jim Wetekamp, CEO, Riskonnect, said the partnership adds “significant value” to customers, “empowering them with additional tools to quantify, analyse 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,” he added.