Citing the growing importance of analytics, collaboration and data-driven workflow applications in risk management, Marsh is rebranding its STARS software unit as Marsh ClearSight and broadening its business intelligence capabilities.
ClearSight will further integrate its risk, safety and claims management software with Marsh’s real-time data and analytics to help clients consolidate their risk information and make better risk decisions.
“This move broadens the scope of the business beyond traditional risk management and into the realm of dynamic risk management with real-time data and analytics,” the company said in its announcement.
Last October, Marsh ClearSight announced the alpha version of a risk management platform that brings together integrated applications, analytics and collaboration tools to help clients better manage their total cost of risk (TCOR) with data-driven insights. This new platform, also named Marsh ClearSight, leverages Marsh’s risk database and the expertise of Marsh’s global network.
“The innovations in social, mobile, analytics and cloud technologies offer the opportunity to meet the growing needs of risk management stakeholders in providing real-time information,” said Paul Marushka, president of Marsh ClearSight. He said the Marsh ClearSight software platform is the “first collaborative network for the risk management ecosystem with data-driven workflow applications and robust analytics.”
David Tweedy, director of Risk Management Information Systems at Bickmore, said Marsh ClearSight has the potential to move the market in an entirely new direction. “To better align with the rest of the enterprise, risk management needs to evolve from static process automation and reporting tools to a dynamic approach, powered by data and analytics that helps risk managers engage stakeholders across their organization to make the best possible risk decisions,” Tweedy said.
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