Oliver Wyman And Ventiv Technology Announce Strategic Partnership And Claims Optimization Software Solution
Apr 24, 2019
ATLANTA...The Actuarial Practice of Oliver Wyman and Ventiv Technology, Inc., (Ventiv), a market-leading risk management solution provider, 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. The tool 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.
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, provider of market-leading analytics capabilities as well as highly nimble software committed to continuous innovation.”
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.”
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 models fully integrate 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 the Oliver Wyman models.
Wide variety of off-the-shelf data models available: Oliver Wyman and Ventiv offer models, featuring aggregated industry-benchmark data, for many different industries, ready for rapid deployment.
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.
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.