I’m delighted to report that Ventiv Technology has been shortlisted for the ninth annual 2018 CIR Risk Management Awards in the category of Best Use of Technology in Risk Management. We based our award submission on a technology solution we developed for a Ventiv client—Nestlé—in collaboration with Zurich Insurance Group. More specifically, the solution for which we’ve been shortlisted utilises application programming interface (API) technology to integrate Zurich’s My Zurich platform with Nestlé’s instance of Ventiv’s RiskConsole RMIS.
Based on the success of the Nestlé/Zurich project, we are making this solution available to a wider audience of Ventiv clients who will also be able to benefit. In this blog post, I’d like to give a brief description of the solution for which we’ve been shortlisted and, I hope, give some sense of why we’re so excited about its potential.
As for the genesis of this project, we proactively approached Zurich to help them connect with their multinational commercial customers—in this case Nestlé—to improve efficiency and ensure consistency from the data they rely on.
Utilising API technology, Nestlé’s instance of RiskConsole now enables real-time sharing of data such as invoices, policies, claims data, risk engineering information and more. Real-time sharing gets critical data in front of users faster, eliminates re-keying errors and speeds up the customer’s insurance management and loss prevention processes.
This project was a first for Ventiv, Zurich and Nestlé. In the past, cost and complexity have been barriers to entry for APIs for commercial clients, but I’m pleased to report that, working together, we’ve delivered an efficient system with a justifiable return on investment.
We set out to achieve three key objectives, which have been successfully attained. In brief, the objectives achieved are:
- Consistency: By sharing standard data models, there is now consistency in the information shared. Only clean data is now received, which provides Nestlé with confidence that data is automatically reconciled across the RiskConsole and My Zurich platforms without manual intervention and the risk of human error.
- Efficiency: The API retrieves data ensuring it is shared between all parties and, crucially, removes any manual work in producing reports. We’ve eliminated repetitive manual processes and extensive re-keying of data from data-processing and risk-engineering functions.
- Live data: We have successfully ensured that consistent, real-time data is now shared between RiskConsole and My Zurich. By having immediate access to claims, policy and risk-engineering data, Nestlé is now in greater control and in a stronger position to make decisions quickly.
The integration was a first for Ventiv. To the best of our knowledge, it’s a unique achievement to use API to link a major insurer with a multinational client through a RMIS provider’s system. Indeed, we’re confident it’s the first time it’s been done on a three-party basis.
It’s a mere 77 days until the 8 November black-tie awards ceremony in London. We can’t wait to learn if we go from shortlisted to winners in the category of Best Use of Technology in Risk Management.
Steve Cloutman is Managing Director, International, for Ventiv Technology. Connect with Steve on LinkedIn.