ATLANTA—April 24, 2019—Market-leading risk management software solution provider Ventiv Technology, Inc., (Ventiv) and the Actuarial Practice of Oliver Wyman today announced an exclusive strategic partnership and the launch of a brand-new joint product offering, Claims OPT (Optimization and Predictive Triaging) for risk and claims managers. The partnership will give Ventiv’s clients access to Oliver Wyman’s actuarial expertise, risk-management and claims analytics, and predictive modeling capabilities.
Claims OPT allows users to more effectively triage claims and assign appropriate resources for claims management. Claims OPT will enable risk managers to improve their claims management performance with actuarially sound metrics; benchmark their performance relative to peers in the same industry; quantify their risks and the effectiveness of any loss-mitigation initiatives; and present higher-quality reporting and analysis to senior leadership.
Bill Diaz, Chief Executive Officer, Ventiv Technology, said:
“With this exclusive strategic partnership, Ventiv clients can now easily access Oliver Wyman’s actuarial expertise—renowned for its skill in evaluating and assessing risk—as the actuarial and claims consulting arm of Ventiv Technology. Claims OPT is just the first of many high-value offerings for Ventiv clients. This partnership exemplifies Ventiv’s ongoing commitment to helping our clients improve outcomes, reduce costs, and improve efficiency.”
Ron Fowler, Partner & P&C Actuarial Practice Leader, Oliver Wyman, said:
“When it comes to analytics and its importance to risk, insurance, and claims management, Oliver Wyman and Ventiv see eye-to-eye. We’re confident that this strategic partnership and the technology products resulting from it will help risk, insurance, and claims professionals meet their increasingly challenging mandates. In Ventiv, we’ve found the ideal partner—a provider of market-leading analytics capabilities as well as highly nimble software and committed to continuous innovation.”
Key features of Claims OPT powered by Oliver Wyman include:
- Real-time, continually updated predictive modeling: Whenever a claim record is updated with new information, the claim is re-scored for its potential to develop adversely. When the claim score reaches a given threshold, the risk or claims manager is automatically notified.
- Oliver Wyman data models fully integrated into the Ventiv Analytics Cloud: For Ventiv clients, there’s no need to build costly, cumbersome application programming interfaces (APIs) to connect their risk and claims systems to Oliver Wyman data models.
- Wide variety of off-the-shelf data models available: Ventiv and Oliver Wyman offer data models, featuring aggregated industry-benchmark data, for many different industries, ready for rapid deployment.
ENDS
Notes to editors
- Claims OPT, Powered by Oliver Wyman, is designed for any organization, regardless of size or industry, seeking to incorporate predictive data (in the form of aggregated industry-benchmark data) into its casualty, workers’ comp, and general liability claims-management decisions.
- Claims OPT, Powered by Oliver Wyman, is available to Ventiv clients using any Ventiv product: Ventiv IRM™, Ventiv Claims™, and/or Ventiv Policy™.
- Regarding the exclusivity of this partnership, Oliver Wyman will not integrate its risk-management analytics with other claims or risk management technology providers; likewise, Ventiv Technology will not integrate actuarial, claims, and risk management analytics software products and services from any other actuarial consulting firm.
About Ventiv Technology, Inc.
Our people, software, and innovative solutions empower organizations to achieve optimal results from their risk, insurance, and claims programs. Through the depth and breadth of our software solutions, global capabilities, and domain expertise, we are the proven leader in supporting virtually every type of industry and the largest and most complex companies in the world. Ventiv Technology, Inc. proudly partners with over 540 organizations and 350,000 users in more than 40 countries. For more information, please visit https://www.ventivtech.com/ or @VentivTech.
About the Actuarial Practice of Oliver Wyman
The actuarial consulting practice of Oliver Wyman has property & casualty, life, and healthcare actuaries that advise insurance companies, regulators, and self-insured entities across a broad spectrum of risk management issues. With more than 300 professionals across 20+ offices in North America, the Caribbean, and Europe, the firm’s consulting actuaries provide independent, objective advice, combining a wide range of expertise with specialized knowledge of specific risks. For more information, go to https://www.oliverwyman.com/actuaries.html.
For further information on Ventiv please contact :
Kirsty Plank, Full Circle Communications
M +44 (0)7799178687
T + 44 (0)20 7265 7887
E KPLANK@FULLCIRCLECOMMS.CO.UK
