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Ventiv Technology Inc., a risk management information systems provider, said on Wednesday it has partnered with the actuarial practice of Marsh & McLennan Cos. Inc. unit Oliver Wyman to launch a claims optimization software product for risk and claim managers.
Claims optimization and predictive triaging, known as Claims OPT, will provide real-time, continually updated predictive modeling so that whenever a claim record is updated with new information, the claim is re-scored for its potential to develop adversely, the Atlanta-based company said in a statement.
When the claim score reaches a given threshold, the risk or claims manager is automatically notified, the statement said.
The product will enable risk managers to improve their claims management performance with actuarially sound metrics and benchmark their performance relative to their industry peers, the company statement said.
It will also allow them to quantify their risks and the effectiveness of any loss mitigation strategies, and to provide better reporting and analysis to senior leadership, the statement said.
Marsh LLC sold its risk management information systems provider Marsh ClearSight LLC to RIskonnect Inc. last year.
Atlanta-based Ventiv is the rebranded risk management information systems provider that Aon PLC sold to a technology company in 2014.