Marsh Launches Diagnostic Tool Powered by its Industry-Leading Analytics to Help Drive Down Casualty Total Cost of Risk
New York | June 03, 2015
Marsh, a global leader in insurance broking and risk management, announced today a new casualty cost diagnostic tool powered by its industry-leading analytics that provides clients enhanced awareness of their casualty program costs and trends and shares strategies on how to further control their casualty total cost of risk (TCOR).
The MPACTSM Cost Diagnostic tool goes beyond traditional tools by evaluating all aspects of a client’s TCOR, including retained losses, collateral, claims management costs, and risk transfer. The analysis also includes a review of implied risk, an important element of TCOR that takes into account the volatility associated with specific program features, net retained liabilities, and coverage choices.
In addition to providing casualty program performance summaries and analyses of each TCOR element, the MPACT diagnostic output also provides comparisons to proprietary metrics, industry best practices and peers, and customized recommendations for potential cost-reduction strategies.
“Managing liability and workers’ compensation risks can be complex and costly for businesses because losses associated with workplace injuries, auto accidents, and other large liability losses can be difficult to predict and measure,” said Christine Williams, a managing director within Marsh’s Casualty Practice. “With the MPACT Cost Diagnostic tool and our recommended client specific solution set, we are making it easier for companies to gain insights into their unique casualty cost drivers and make more informed decisions about risk management investments and program structure with the ultimate goal of reducing their total cost of risk.”
Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.