CS STARS LLC, a recognized leader in claims and risk management information systems (RMIS) and a business unit of Marsh Inc., announced this week that Business Insurance® has named it a 2012 Innovation Award winner in its annual competition.
CS STARS received the award for Risk Response™, a fully integrated product on its award-winning STARS™ Enterprise risk management information system (RMIS) platform. Launched in 2011, Risk Response™ monitors all information on U.S. weather events derived from the National Oceanic and Atmospheric Administration (NOAA) and information on earthquakes from the U.S. Geological Survey (USGS).
On behalf of clients, it automatically determines which events may have an impact on the organization based on client-specific criteria. When an event is detected that meets certain criteria—as determined by the company’s risk manager—Risk Response™ notifies risk management stakeholders, generates and assigns an appropriate risk assessment audit which is used to collect on-site data so that it can be integrated back into the system.
“Many organizations are concerned about the impact that natural hazards can have on their business, but are challenged by a lack of resources to monitor news stories efficiently and immediately determine their relevance to the organization,” said Bill Diaz, President of CS STARS. “CS STARS’ Risk Response™ allows a risk manager to automate that process, improving the effectiveness of risk identification and mitigation efforts. We’re proud to be recognized with this Innovation Award, which reflects the commitment of CS STARS to delivering effective and inventive risk management solutions to our clients.”
In its third year, the Business Insurance® Innovation Awards recognize leadership, inventiveness, and ingenuity in products and services designed for professional risk managers. An independent panel of judges, comprising active risk management professionals, judged the entries on the basis of originality, relevance to risk managers, effectiveness, presentation, and results achieved.