2015 Innovation Awards: Ventiv Technology Inc.Posted On: Mar. 1, 2015 12:00 AM CST
Ventiv Technology Inc.'s Combined Corporate & Captive Risk Management Solution evolved from a customized product for one client into a standard offering that allows risk managers track a host of insurance, risk management and corporate finance activities in one risk management information system.
The origins of the RMIS go back as much as six years, said Ilka McHugh, London-based director and solutions consultant at Ventiv, which changed its name last year following Aon P.L.C.'s sale of Aon eSolutions to Palo Alto, California-based Symphony Technology Group.
That sale included all of Aon eSolutions' products, including the RiskConsole system of which the Combined Corporate & Captive Risk Management Solution is a part, to Symphony. Aon still resells the former eSolutions products under a multiyear agreement with Ventiv.
“There was an original client request, which we met with a very bespoke solution. That evolved over time into something that can be used as a standard,” Ms. McHugh said.
Angus Rhodes, who is in product marketing and business development at Ventiv in London, said additional development efforts last year rounded out “the policy module to the point where we had a solution that was a standard.”
The changes allow corporate risk and insurance managers to manage information from premiums and their allocation to risk exposures, while providing additional control over the information to also facilitate legal and regulatory reporting such as Solvency II, said Kathy Burns, Chicago-based CEO of Ventiv.
The software system also can track insurance limits, aggregates, commissions, recoveries, fronting and reinsurance arrangements, and stop-loss programs.
The product is intended to ease the responsibilities of corporate risk and insurance managers, many of whom have seen their roles grow and become more sophisticated, Mr. Rhodes said.
“There has been a bit of an unmet need in the industry,” Ms. Burns said of the growing information management requirements of the insurance industry.
The software, a 2015 Business Insurance Innovation Awards winner, can be tailored to meet the needs of small companies with captives that have relatively simple requirements all the way up to global corporate entities with sophisticated needs, Ms. McHugh said.