New York, February 15, 2010
Marsh, the world's leading insurance broker and risk adviser, has received a 2010 Innovation Award from Business Insurance for its Variable Cost of Risk Evaluator (VCORESM).
VCORE, a proprietary evaluation tool developed by Marsh Risk Consulting's Innovation Team, allows risk managers to compare workers' compensation claims administrators on total estimated claim cost rather than on unit price, which represents a small percentage of total cost of risk. Using data provided by claims administrators, VCORE empowers organizations to determine the ultimate claim cost outcome for their programs. Several Marsh clients are successfully utilizing VCORE, resulting in an average reduction of five to 10 percent in workers' compensation costs.
"We are proud to be a recipient of Business Insurance's inaugural Innovation Awards," said Dan Glaser, chairman and CEO of Marsh Inc. "The selection of VCORE reflects its originality in evaluating workers' compensation programs and Marsh's ongoing commitment to providing industry-leading services and solutions to its clients."
"Business Insurance's Innovation Award recipients are those companies that are providing truly innovative products, services and technologies for risk managers. Marsh's VCORE tool not only helps risk managers make informed decisions about important service partners, but also improves their bottom line by helping to achieve substantial cost savings," said Regis Coccia, editor of Business Insurance.
In its inaugural year, the Business Insurance Innovation Awards recognize leadership, inventiveness and ingenuity in products and services designed for professional risk managers. An independent panel of eight active risk management professionals scored entries on the basis of originality in serving risk managers' needs, creativity in design or adaption, effectiveness in solving problems, execution of the concept and results achieved.
Business Insurance will present the award at a dinner during its 2010 Risk Management Summit to be held in New York March 8-9. For more information on the Business Insurance Innovation Awards, please click here.
About Business Insurance
Business Insurance is an international publication serving the news and information needs of executives in risk management, employee benefits and commercial insurance through a weekly print magazine, daily online at www.BusinessInsurance.com and through live events, including the Risk Management Summit and Innovation Awards. Business Insurance, a Crain Communications Inc. publication, has been published continuously since 1967.