Ventiv Technology & Oliver Wyman announce strategic partnership and claims optimisation software solution
Market-leading risk management 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.