Ventiv Technology, Inc., a leading provider of technology business solutions to the risk, insurance and safety management community, announced today that it has been named a winner of Business Insurance magazine\u2019s 2015 Innovation Awards. Ventiv\u2019s winning product, the Combined Corporate & Captive Risk Management Solution, gives risk managers a single risk management information software solution for both their corporate and captive insurance-management needs. <\/p>\n
Ventiv\u2019s Corporate & Captive Solution gives risk managers the control, auditability and transparency they need in order to meet such growing challenges as achieving legal compliance, managing loss exposures and managing the flow of premiums and cash. The product covers everything from sophisticated premium allocations (including re-insurance splits) to managing commissions and recoveries from commercial re-insurers. It also monitors limits, aggregates and stop-loss programs. And by addressing the needs of both the corporate parent and the captive, the solution eliminates the need for two separate systems.<\/p>\n
According to Marc Heiligers, Director Insurance with AkzoNobel, a leading global paints and coatings company and a major producer of specialty chemicals \u201cThe RiskConsole system effectively manages all aspects of our global insurance programmes. It has significantly improved our insurance team\u2019s effectiveness, saving 500 hours of aggregation and reporting work per year plus the need for a dedicated IT resource. It also allowed us to converge multiple systems into a single, auditable and supported system.\u201d<\/p>\n
In terms of corporate governance and legislative requirements, both captives and their corporate parents face rapidly expanding reporting burdens. RiskConsole delivers the underlying data captives need in order to meet growing regulatory requirements.<\/p>\n
Said Ventiv Technology Director of Solutions Consulting Ilka McHugh, FCII MSc: \u201cWhether it\u2019s Solvency II or the equivalent legislation elsewhere, captives have to meet increasingly stringent reporting requirements. This trend is driving captives and their parents to take extra measures to demonstrate compliance. Our solution provides the audit and control captives now need. Also, regulations require captives and their parents to demonstrate arms-length operations. Ventiv\u2019s solution allows for a strict wall to be maintained in the same system with auditable verification.\u201d<\/p>\n
Kathy Burns, Ventiv\u2019s CEO, stated, \u201cWe are honored to have Ventiv\u2019s Corporate & Captive Solution selected as an Innovation Award-winner by Business Insurance\u2019s independent panel of risk and insurance experts. This product is a great example of Ventiv\u2019s approach to developing products: applying our technology expertise and deep industry experience to build products that solve critical problems for our clients.\u201d<\/p>\n
Said Ventiv Technology Director of Product Marketing and Business Development Angus Rhodes, \u201cIn the market for risk, insurance and safety technology, we see a trend toward system convergence. The Corporate & Captive Solution clearly demonstrates how Ventiv enables this trend, providing a single system where two had historically been required.\u201d<\/p>\n