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Ventiv IRM

Ventiv IRM

Overview

What is Ventiv IRM?

Ventiv IRM is integrated risk management software designed to provide the insights needed to monitor and lower the user's Total Cost of Risk (TCoR). It features real-time analytics for decision support by integrating data from internal and external sources in…

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Pricing

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What is Ventiv IRM?

Ventiv IRM is integrated risk management software designed to provide the insights needed to monitor and lower the user's Total Cost of Risk (TCoR). It features real-time analytics for decision support by integrating data from internal and external sources in one system while connecting risk…

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  • Premium Consulting/Integration Services

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Product Details

What is Ventiv IRM?

Ventiv’s IRM software provides a range of risk solutions to support risk, insurance and safety managers to achieve their key business objectives while delivering operational excellence. Enterprise-wide data management and predictive analytics tools aim to deliver the actionable insights necessary to make fully informed decisions for optimal business outcomes.

Covering non-insurable and insurable solutions range of packages and modules gives a solution for:
+ Enterprise Risk Management (Risks, controls and action/treatments) including SOX compliance with corporate governance policy & reviews
+ Loss reporting, Claim and Litigation management
+ Safety Management including incident reporting, investigations, root cause analysis, audits and assessments
+ Renewals and submissions
+ Property, Assets and exposures management
+ Cost/premium allocations and calculations
+ Insurance programs and policies, including certificates, insurer ratings, premium earnings and claim financial allocations
+ Risk engineering survey and recommendations
+ Audits and assessments
+ Total cost of risk, KRI and KPI monitoring

IRM provides a range of capabilities to allow the solution to be configured to match each client’s specific requirements, processes and workflow.
+ Online intake forms via companion Digital product. Designed for the non-professional to make it easy for external/field users to notify, report, assess, request, approve, audit and attest from any device;
+ A range of interfaces and data-conversion/ETL capabilities with IRM being a full REST-API based application and using Talend for API interfaces. This allows for the whole range of interfaces: real time, one-time historic and regularly scheduled including historic, transactional and attachment data for consolidation from multiple sources;
+ Business process and workflow management tools, including alerts and reminders to track progress;
+ Comprehensive and advanced set of reporting and analytic tools including:
oPixel perfect reports
oInteractive dashboards
oPredictive, Geospatial and Text analytics
oModels and Monte Carlo simulation
oBenchmark data
+ Range of administration and workbench tools to allow the management of the tools access and usage with full facilities to configure the solution.
+ A full range of international support, including multi-lingual and multi-currency, to allow global deployment and usage; and
+ US and European hosting centres with fully accountable technology infrastructure and SOC 1 plus ISO 27001 certifications.

Ventiv’s solutions allow users to connect risk across silos.
+ Capture, consolidate, and integrate data to establish a central source of truth;
+ Discover trends and quantify risk with real-time analytics system;
+ Connect risk mitigation activities across the business;
+ Reduce your administrative burden with automated processes that drive best practices;
Overall the solution helps to drive a lower total cost of risk by reducing claim frequency and severity with data-driven decisions and clear connections between risks and business outcomes.

Ventiv IRM Screenshots

Screenshot of Executive Dashboard
Interactive dashboards allow you to consolidate cross module indicators with a variety of graphical visualizations, including heat and geographic maps, to show aggregations, trends, hot spots and forecasts.Screenshot of ERM Summary Dashboard
Focus in on key risk metrics and track how they have changed compared to prior reporting, look at your risk concentrations by business and risk category plus spot your key risk assessment movers.Screenshot of Claims & Policy Dashboard
Dashboards can be covering 2 linked modules like Claim and Policy here showing Loss Ratios along with Claims Incurred and Premium spend analysis.Screenshot of Map Search
Map Search allows you look for information geographically to spot locations and concentrations. Connect to our advanced analytics to see how your risk profile is impacted by geographic hazards and perils.Screenshot of Portal Landing Page Sample 1
Create portal landing pages for your users or customers; make specific to your industry.Screenshot of Portal Landing Page Sample 2
On the portal page include quick links to their common actions plus include lists of their current cases (claims in this example).

Ventiv IRM Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo
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Reviews and Ratings

(7)

Attribute Ratings

Reviews

(1-4 of 4)
Companies can't remove reviews or game the system. Here's why
Jill Britton | TrustRadius Reviewer
Score 7 out of 10
Vetted Review
Verified User
Incentivized
OSHA reporting, facility inspections, causal factor injury investigations
  • Ease of running OSHA reports
  • Claim search/navigation is user friendly
  • Existing dashboards are not applicable to our needs
  • OSHA reports had errors at first, did not integrate automatically with C/E
  • Need more "experts" in creating IRM Digital forms. Process is lengthy because there aren't enough people well versed in creating IRM Digital forms
I find C/E more user friendly than IRM
  • OSHA reports are easier to run they were in our former software, Riskmaster
  • We don't utilized IRM as much as CE so are still finding ways to improve
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We utilize Ventiv IRM to track all levels of safety events/incidents for our clients. We align the incidents to the coverage and/or insurance policy to the store/location, of which the client has over 60 locations. We even track the financial risk for those incidents that do not affect clients' insurance policies. We analyze the impact each location has on the overall risk of the organization and assist clients in allocating premium costs equitably across the organization.
  • Support Portal allows direct access to support tickets, their status, and having programmers/developers reach out directly to me to clarify my requests.
  • Taking a big project and putting it into smaller, measurable pieces that move the project from beginning to end.
  • Clarifying what one has purchased in their modules - what's included versus not.
  • Making sure that what should be included in a module is active, usable for the client.
  • Once the module is set up for the client, give training to the client through all the modules. Walk with them, 1) make sure everything works; 2) the client understands how to use it. This is beyond the Ventiv University, which is a great refresher, and follow-up for something the client forgot.
Ventiv IRM is the platform for analyzing the plethora of data that can be collected by an organization - Insurance policies and their specific locations; affiliated organizations/regions/district assets; claim data - standard, customized, and financial; safety - inspections, investigations; and more...IRM can take this information and provide analytical outputs...grids, graphs, and geo-mapping - that can help shape organizational decisions. Getting to this point takes planning, time, and commitment (financial and staffing). IRM can help the smallest of companies to the largest. Every piece of it is customizable. We did not come to Ventiv IRM from another platform. We just knew we needed something to help keep track of our claims. If we knew then...what we know now...WOW! I'll admit, the road to where we are now wasn't always smooth. But, the Ventiv team has sincere in their desire to make sure IRM is what we need it to be.
  • .
Ventiv IRM is the only product - claim/risk management - that we have used.
10
Claims Management
2
Administration, data input
  • tracking claims
  • analyzing trends
  • loss ratio
  • claim costs
  • claim input
  • customizing data collection
  • organizational data/policy
  • cross departmental input
  • legal/litigation mitigation
  • data collection
No
  • Cloud Solutions
  • Ease of Use
We were told there was a way for our employees to submit a claim, pictures, etc from a mobile device.
If we were to do the selection process again, we know more than we did then. We were coming from no management system other than a spreadsheet. Understanding the full scope of what can be, and building a path on what to start with (product(s), module(s)) and where to end. Last, evaluate/select as an organization and not as a solution for a single problem.
The actual implantation was not good. The system is fully customizable so Ventiv was ready to give us what we wanted; however, we never had a system so we didn't fully understand what we wanted. Since then, we hit "reset" and we are steadily moving forward.
  • Implemented in-house
No
  • Customer's lack of understanding the system and the possibilities
  • Ventiv's lack of explaining the system and possibilities
  • Time needed and timeline of expectations - and what those expectations really meant
  • Having a road map of what, as the customer, we really needed to accomplish
Support will reach out to me and I LOVE that. Often I want to show them what I see and they have always been willing to jump on a Teams meeting so I can do that. This has also helped me understand how to explain things better (support speak). This has led to closing tickets, completing projects sooner.
Not applicable
Yes
Yes it was.
Yes, very recently I expressed that I wanted to link an Endorsement Premium with the Endorsement but it wasn't letting me. Ventiv Support explained that I needed to expand the Premium Processing record to see the field for linking to the Endorsement (and thereby the premium was processed as endorsement vs annual). Well, Ventiv support brought the link field forward so I no longer need to expand. I can do everything within the one field. I didn't ask for that but they saw that is what I needed and they did it.
Very usable. The team is always suggesting "tweaks" that allow for easier flow, better understanding of the information needed. This even includes in moving categories/sections in a records around so that the flow of the record is better.
  • Spreadsheet Upload
  • Property Records, values
  • Reporting OSHA data
  • Before you understand how it functions - the financial grid.
  • Litigation fields, understanding the meaning/purpose behind some fields
  • API/Third Party data into system
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Ventiv IRM is our primary risk management information system we use for claims management, reporting, accident record keeping, accident investigations, and legal matter management.
  • Reporting
  • Document Storage.
  • Dashboarding
  • Record Management.
  • Mobile Functionality.
  • Easier use of dashboards.
  • Responsiveness of issues and project management.
Ventiv IRM works great for companies with a large number of sources of data, record management, and reporting needs. The system will be able to handle multiple users, processes, or other functions that a large company may need. Ventiv IRM would not be a good fit for companies that may not be large enough to justify the cost of a powerful platform like IRM.
  • Ventiv IRM allows us to gain greater insight into claim trends, accident frequency, and loss severity.
  • The platform has allowed us to expand into new use cases, such as accident investigations and legal matter reporting and documenting.
  • We are able to use the reporting function to notify our business functions on a daily, weekly, and monthly basis. These reports help them understand current trends and allow them to adjust operations to reduce future losses.
While Ventiv IRM is a bit more expensive than another platform we have used and evaluated, we get a lot of value that helps us make informed risk management decisions. The system works for us, and not the other way around. We're able to use integrations from other sources (such as Navex for reporting and our TPA, and Gallagher-Bassett for financial claim information). The system is easy to use, update, and manage, which is helpful too.
500
Supervisors of our employees, managers, Directors, VPs, all use Ventiv IRM.
2
Most of those that support this product do not have a background in IT.
  • Claim Reporting.
  • Accident Investigation.
  • Legal Matter Management.
  • Incident Reporting.
  • Training Record Management.
  • Future legal or regulatory requirements.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Tutor Perini uses Ventiv IRM as a way to gather and collect all information on our each of our many policy claims (i.e. Workers Comp, General Liability, and Auto), and have it be a catch all and a way to keep our entire team up to date on all claims. We have thousands of different projects across the country, and use many different insurance carriers. Instead of having to track down all the info on claims/claimants on different carrier websites, we utilize Ventiv IRM as a catch all.
  • Very user friendly and intuitive
  • Quick searches
  • Setting up a new claim / project
  • Customer Support & Service
  • Setting up a new Advance Query report - sometimes I run into glitches
  • When creating/implementing a match merge, the two claims that are set to merge, need to be typed EXACTLY the same (UPPERCASE & lowercase matching on both, if one is all caps and the other is lowercase, the match merge is not successful)
  • I do wish there was a way to self-match two claims instead of waiting for the match merge.
I think the capabilities that Ventiv IRM has are incredible, even more so that what we've already started utilizing it for. The ability for it to be able to create graphs with reportings is a very visually useful.

I do think that what we have access to is limited to our knowledge at this point. I have set up mine and my team's dashboards and customized it for each persons needs (i.e. the most updated claims that each person needs to see vs seeing every updated claim, etc), but I believe there are further capabilities that can be done, we just aren't familiar with it. As we continue to learn how to use/utilize Ventiv IRM for our needs, I'm sure my 9 points will elevate to a 10!
  • Organization has been the biggest positive
  • Only negative is getting our team 100% on board with utilizing it
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