Riskonnect: Agent for Change and Disruption

Risk as a concept, hasn’t changed much since the word was coined. And yet, how organizations address risk has dramatically changed, from how companies implement safety programs to how they collect and analyze risk data. Bob Morrell, CEO at Riskonnect told CIO, “We are change agents in the market—the biggest change in the last decade to our market was Riskonnect coming in with a real cloud-computing model on a third party platform. We really disrupted the market and enabled risk managers have a greater impact.”

As a sophomore at Georgia Tech, Morrell founded his first risk management software company, which was eventually purchased by a brokerage firm. He continued to lead the risk technology revolution, and in 2007 founded Riskonnect, the first true cloud-based risk management technology provider. Morrell stated, “My goal has always been to have a dominating product - and this is easier said than done. The entire Riskonnect team has to have foresight into technology trends.”

With its enterprise-class suite of risk management applications, Riskonnect provides global organizations with the solutions needed to reduce loss, control risk and affect shareholder value. Riskonnect RMIS is an innovative approach to claims, litigation, exposure, and policy management that enables risk professionals to automate their entire risk management process. Riskonnect EHS integrates organizational safety information and tracks employee training and certifications. Riskonnect GRC gathers diverse risk data from across the enterprise in a highly visual manner to easily identify, assess, and manage risks. All Riskonnect solutions are fully integrated to provide industry-leading global search capability, reporting and business intelligence on a single work platform.

According to Morrell, change doesn’t come easy to the risk and insurance industry.
Riskonnect, with its reliable, scalable, and flexible platform, is advocating for the cause of risk managers across all industries. Morrell states, “Riskonnect is helping organizations move toward practicing ERM. We can deploy solutions with hundreds or thousands of users easily - tailored to existing business practices without the need for custom programming”. This represents a major paradigm shift away from costly and restrictive legacy systems, toward a unified, holistic approach to risk management.

As one of the very first companies to build on the Force.com platform, by Salesforce.com, Riskonnect’s disruptive innovation is outpacing its competition. The platform’s power, performance and innovation enable Riskonnect to focus its efforts on the solutions that are changing the way risk managers work. Solutions like Riskonnect Alerts, a business continuity and emergency management application that maps catastrophic events in proximity to an organization’s facilities and suppliers, are earning Riskonnect accolades and awards.

Riskonnect’s clients are realizing the benefits of changing their risk data strategy. One global technology distributor lacked visibility into their total organizational risk, and it struggled with multiple currencies and poor response to requests for exposure data. Riskonnect’s easy to use system, configured to meet their global needs for local currencies, was quickly adopted by users with virtually no training. The Riskonnect solution reduced claims processing time, increased global operational efficiency, and is saving the client money on premiums by providing a more accurate understanding of the total organizational risk. This client now has greater control in directing its global risk strategy.

Just as companies expand into the global environment, risk managers are expanding their risk strategies to each organizational business unit. This is the change that risk technology enables, and Riskonnect is leading the charge with its culture of disruptive innovation and with Morrell’s clear vision for what risk technology can accomplish for any organization, in any industry, in any country.

Company
Riskonnect

Description
Provides enterprise-class technology platform developed on a cloud computing model that helps clients to elevate their risk management programs, and safety solutions

Whitepapers of Riskonnect