Marsh, an insurance broking and risk management firm, announced a new casualty cost diagnostic tool powered by 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 MPACT 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.”
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