WTW partners with Riskonnect to introduce advanced risk diagnostic tool

WTW, a global insurance and reinsurance broker, has partnered with Riskonnect to launch a new analytical delivery tool that seamlessly connects claims and exposure data through the WTW Risk IQ API (application programming interface).

This collaboration aims to provide clients of both organisations with a deeper understanding of their claims data.

By utilising this tool, clients can efficiently identify inefficiencies, reduce errors, and pinpoint anomalies. It eliminates the need for laborious manual processes involved in uploading complex risk and claims data into analytical models, enabling clients to access real-time insights to inform their risk management strategies.

Initially, the Risk IQ API will integrate risk and claims data stored in Riskonnect with WTW’s Workers’ Compensation Diagnostic (WCD) Tool. This specialised tool is designed to evaluate how effectively a client manages claims within their Workers’ Compensation program. By evaluating nine key metrics, the WCD tool identifies strengths and weaknesses and predicts the financial impact of various cost-saving measures.

Furthermore, this partnership between Riskonnect and WTW is anticipated to bolster support for clients in areas beyond Workers’ Compensation, such as property. Clients will gain access to additional Risk IQ tools like Property Quantified, Global Peril Diagnostic, and Climate Diagnostic, enabling them to develop comprehensive risk strategies.

John Merkovsky, Global Head of Risk & Analytics at WTW, expresses his enthusiasm for this partnership, stating, “We are delighted to be partnering with Riskonnect to augment their capabilities with our industry leading analytical capabilities.”

He adds, “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, remarks, “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, 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,” Wetekamp concludes.

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