Do you need to cut your organization’s insurance spend without increasing retained risk, or do you want to retain less risk without increasing your insurance spend?
Either way, Connected Risk Intelligence shows you how.
It’s different from other risk and insurance optimization analytics. Not only can you see all your risks in one place to find opportunities for better insurance value; Connected Risk Intelligence gives you the exact next steps you can take to save premiums and reduce risk. And we don’t even need to be your broker for you to take advantage.
How can your premium spend work harder with customized risk and insurance optimization?
Connected Risk Intelligence makes your premium spend work harder by looking across your total insurance portfolio. It recommends the most efficient combinations of limits and deductibles for each individual risk line based on your specific exposures, risk controls and financial priorities.
Do you really need all the coverage you’re paying for? Where could you reallocate premiums for more impact?
Get answers and find your pathway to maximize protection and minimize unnecessary costs with Connected Risk Intelligence.
We not only customize the platform’s modeling to your business so you can make better value choices, but recommend the optimal structures of your insurance policies and overall program.
How can you find the ‘efficient frontier’ for your risk and insurance program?
Connected Risk Intelligence shows you the precise trade-offs between the cost of insurance and the cost of retaining risk that are most efficient for your organization.
You’ll get the specific limits and deductibles you’ll need to choose to optimize your program.
This graphic shows a key part of a Connected Risk Intelligence report. Each ‘dot’ on the ‘cloud’ represents a unique combination of possible risk financing options.
These aren’t just theoretical strategies, but real, actionable, options based on our broker’s expertise, market data and insight on your risk portfolio.
Within the cloud of millions of risk financing strategies you could choose, the green dots represent your choices along your organization’s efficient frontier. Making the choices that sit behind these dots will give you optimal value trade-offs between the cost of insurance and the cost of retaining risk.
How can you optimize your risk and insurance with Connected Risk Intelligence?
Finding your organization’s most efficient tradeoffs between retaining risk and premium spend starts with establishing a risk tolerance framework, which sets out the level of protection the business needs and the level of risk it’s willing to take.
We use the same techniques as insurers to quantify your key risks, using historical claims, industry data, plus your exposures.
To help you balance cost and risk in line with your risk tolerance and get better value from your premium spend, our models quantify and forecast the losses you could face in various scenarios for different risks, and the likelihood of them occurring together.
We identify the changes that would move you to the efficient frontier.
For each structure option, we let you know how much risk you’d be expecting to retain and how much you’d be transferring. You’ll also know how much risk you'd retain and transfer in an adverse year and how premium spend aligns with the transfer of forecasted losses.
How well does a policy protect you against specific loss outcomes? What happens to cost and risk with different combinations of, for example, high limits for one risk and lower limits for another? Connected Risk Intelligence lets you test and learn to reveal what the most efficient combinations look like for your business.
We don’t look at theoretical outcomes, but focus on the art of the possible. We can test alternative risk transfer structures and integrated placements across multiple lines of coverage.
FAQs — How can you optimize premium spend with Connected Risk Intelligence?
Q: My renewals are on different dates. Can Connected Risk Intelligence still deliver value?
A: Yes. We can load all your risks and policies into the Connected Risk Intelligence platform at once, regardless of what stage they’re at in the renewal cycle.
Q: Our business is unique — can Connected Risk Intelligence give us meaningful insight?
A: Yes. We call on a range of scenarios and datasets to build models customized to your specific exposures and risk controls.
Q: Will I need to deal with onerous data requests to get value from Connected Risk Intelligence?
A: No. We’ll probably only need the kind of data you’re already producing for underwriting submissions.
Q: I need to understand more about how Connected Risk Intelligence works. Can you help?
A: Yes. We can give you a quick demonstration or simply talk you through the key points.
Disclaimer
WTW hopes you found the general information provided here informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, WTW offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
