Risk Innovation and Quantification
Marsh Risk Consulting’s (MRC) Risk Innovation and Quantification (RiskIQ) Practice can help you leverage the data in your knowledge management systems and state-of-the-art information technology to examine vitually any aspect of your organization. Blending insight and experience with innovative thinking, we provide custom data-driven solutions to your business issues, helping you reduce losses and achieve your goals.
Risk Information Manager
Depending on a company’s size and organizational structure, the risk management department may be unable to allocate sufficient resources to the time-consuming task of facilitating, aggregating, and analyzing its data to present to internal and external stakeholders. RiskIQ has the expertise and the resources to help you implement the processes needed to manage your data or risk information systems on an ongoing basis and help your company meet its risk management objectives.
MRC’s RiskIQ team can serve as an extension of your risk management department by managing all your risk-related data, including claims and exposure data, data preparation for actuarial reports, paid/loss billings, and more. Our consultants are expert at improving collection processes, migrating large databases from legacy systems, and creating efficiencies, which allows your risk management department to operate more effectively and spend time where it is most needed: managing risk.
Most importantly, we can provide a foundation of valid, vetted, and trustworthy data that you can confidently rely on for your strategic risk management and business decisions such as budgeting and placement renewals.
Analytics and Benchmarking
RiskIQ has developed a series of proprietary analytical tools to help you better determine and understand the costs that are driving your workers’ compensation, liability, and managed care losses:
Workers' Compensation Loss Profile (WCLP)
Our Workers’ Compensation Loss Profile (WCLP) is a portfolio of key metrics designed to identity the unique cost drivers of your workers’ compensation program, benchmark performance against your peers, and help you fine tune solutions to maximize your cost containment efforts and improve bottom line performance. Our analysis incorporates the interpretation of more than 20 different key performance indicators and metrics, going beyond just a single benchmark, enabling you to understand past years’ program performance. In addition, our consultants compare your organization’s results against your industry peer organizations, adding another dimension to your profile.
General Liability Loss Profile (GLLP)
RiskIQ’s general liability experts can conduct a baseline study of your liability program using our General Liability Loss Profile (GLLP). Similar to the WCLP, it incorporates the interpretation of more than 20 different metrics, using multiple valuations, to help you understand your program’s historical performance and identify organization-specific loss trends. The GLLP helps you follow the lifecycle of your claims, pointedly identifying cost drivers.
Our models offer various perspectives of your general liability losses and assist in identifying the root cause of loss trends and opportunities for continuous improvement. Once the analysis is complete, RiskIQ will discuss your profile with you to review such opportunities and develop a cost reduction and continuous improvement strategy.
Managed Care Scorecard
The Managed Care Scorecard is a collection of key performance indicators and metrics that analyze different aspects of medical costs in your organization’s workers’ compensation program. It was designed to provide a high-level overview of important metrics of a managed care program, including bill review cost, preferred provider organization (PPO) penetration, network savings, and clinical case management utilization and cost.
By compiling this information into one centralized dashboard, the Managed Care Scorecard helps you identify issues and trends that may be of concern and potentially necessitate closer examination. Together with your vendors, solutions can be implemented to improve performance of your workers’ compensation program and ultimately achieve lower overall medical costs.
The reports generated from the Managed Care Scorecard data enable you to assess your overall medical costs in categories such as bill review savings and charges, activity in medical and specialty networks, and clinical case management.
The Managed Care Scorecard is intended to be part of an annual trend analysis exercise, whereby RiskIQ assists you with identifying positive and negative movements in cost and utilization and supports continuous improvement in your program.
Data Management and Data Validation
Reduction of your total cost of risk is virtually impossible without timely, accurate data and the means to manipulate it. Validating the accuracy of your data can be very difficult and complex, especially if it is spread across multiple systems and vendors. Every time your organization changes vendors or consolidates existing data into one system, the potential for data to be corrupted or erroneously migrated, increases.
RiskIQ will compare the data from your prior systems to the data in your current or new systems. Our experts will examine key data fields such as claims counts, dollar values, claims status, and location codes to provide you with a thorough analysis of your data integrity. We can help ensure that credible data is available to support your strategic business decisions and meet legal requirements under various statutes, including the Sarbanes-Oxley Act of 2002.
RiskIQ also can help improve your organization’s confidence in the accuracy of the financial data behind your actuarial reports and reserve analysis. Financial transactions between your vendors’ RMIS and your financial systems may go through a series of manipulations that may ultimately impact their accuracy. Our consultants will validate this data to support your compliance requirements.
Often organizations require a custom process or strategy to handle unique data-related issues, whether the cleanup of data following a merger or acquisition or in-depth analyses of uncaptured data points such as carbon emissions.
RiskIQ can help you validate, automate, consolidate, and innovate new procedures in those instances where you are faced with inaccurate data, outdated processes and technology, multiple data sources requiring consolidation, or manual processes needing automation.
When your data issues are more complex or require data analysis to answer important business questions, RiskIQ will work with your organization from start to finish — from designing the metrics, to identifying key performance indicators, to providing innovative methods for collecting non-traditional data points.