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Business Insurance recognizes risk management innovators

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Business Insurance has selected the winners of its 2014 Innovation Awards.

The Innovation Awards program recognizes leadership, inventiveness and ingenuity in products and services designed for professional risk managers.

The winning companies will be recognized Wednesday at a luncheon in New York at the New York Marriott Downtown during the Business Insurance 2014 Risk Management Summit.

An independent panel of judges comprising active risk management professionals selected 10 honorees:

American International Group Inc. — AIG Multinational Program Design Tool: A risk manager's decision whether or not to buy insurance in a foreign country has never been easy. AIG's new interactive tool considers a variety of factors in 200 countries to help risk managers make the right call on coverage.

Aon P.L.C. — Aon Interactive Political Risk Map: The globalization of business is exposing companies to risks worldwide. By digitizing its political risk map, Aon enables risk managers to search 15 years of political risk data and access more than 100 maps.

CorVel Corp. — CareMC Clinical Modeling: Companies recognize that increasing pharmaceutical costs comprise a large part of spiraling employee healthcare costs. Corvel's predictive modeling tool helps risk managers monitor claims activity and ensure employees' proper use of prescription drugs.

FM Global — FM Global SimZone: To help risk managers gather a more tangible sense of faced risks, FM Global's new facility contains a series of three-dimensional labs to realistically simulate a wide variety of hazards such as fires, equipment malfunctions and construction hazards.

The Institutes — Enterprise Risk Management Textbook: Establishing and improving an enterprise risk management program requires an array of skills. The Institutes gathered input from risk management organizations worldwide to produce a definitive enterprise risk management teaching tool in one volume.

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Marsh USA — Marsh Wage and Hour Preferred Solution: Looking to help employers mitigate risks around wage and hourly compensation claims, Marsh has unveiled a standalone product to cover risks normally excluded in traditional employment practices liability insurance policies.

PartnerRe Ltd. — PartnerResearch App: With Atlantic windstorms remaining among the primary threats to risk managers, PartnerRe has created an iPad-based tool that can help users visualize the modern-day effect of more than 1,100 natural disasters across the North Atlantic basin and Europe over the past 100 years.

Sedgwick Claims Management Services Inc. — Viaone Express Mobile App and Push Technology: – By using smartphone-friendly technology, this app is intended to keep injured workers better apprised on the status of their workers compensation claims and keep litigation rates low.

XL Group P.L.C. — XL GAPS Mobile Field App: Aiming to help risk engineers and underwriters move past some of the more antiquated and time-consuming aspects of field inspections, XL leveraged a host of tablet computing capabilities such as cameras, speech and voice recognition into an app that will help its personnel underwriters and clients better capture and analyze risk data.

Zurich Insurance Co. Ltd. — What If? Grading App: – In lieu of a lengthy report, Zurich's new app relies on the power of visualization to convey complex data to clients and help them better understand exactly how certain risks affect the rates they pay.

You can read more about each of these inventions in the March 17 print and digital editions of Business Insurance.