The collaboration is expected to extend beyond Workers’ Compensation, providing proactive risk evaluation benefits to clients in other areas such as property. Credit: H_Ko via Shutterstock.com.

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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.