Ventiv Technology Is Now Part of Riskonnect

We are excited to announce the acquisition of Ventiv Technology by Riskonnect. Please find below a list of frequently asked questions related to this exciting news!

Who is Ventiv Technology?

Ventiv was founded as Aon eSolutions inside of Aon in 2004 with a focus on RMIS. The combination of both companies, both recognized as industry leaders in the RMIS market, is poised to redefine the standards of RMIS solutions, offering a powerhouse of expertise, technologies, and resources to customers seeking to optimize their risk management strategies.

Who is Riskonnect?

Riskonnect, a leader in integrated risk management is based in Atlanta Georgia, U.S. and has over 850 employees and serves more than 2,000 customers worldwide. Riskonnect was founded in 2007 and is owned by the private equity firm TA Associates. Riskonnect offers a fully integrated risk management suite to large-size organizations in the manufacturing, retail, healthcare, and financial services industries in North America, Europe and Asia Pacific. Riskonnect has offices in multiple U.S. cities and in London, U.K. Riskonnect is the only risk management solution provider that integrates both insurable and non-insurable for a complete end-to-to end view of risk.

Riskonnect CEO, Jim Wetekamp, share’s Riskonnect’s promise.

Why are Riskonnect and Ventiv Better Together?

Riskonnect and Ventiv have a shared mission to enable leading organizations to harness technology to effectively and efficiently manage risk. Acquiring Ventiv helps Riskonnect fuel growth, innovation, and customer value. By combining Riskonnect and Ventiv we are:

  • Accelerating the growth objectives of both organizations.
  • Extending Riskonnect’s reach by expanding into key geographies and industries.
  • Bringing to market an unparalleled integrated risk management solution that brings all risk data together for complete end-to-end visibility.

With complimentary cultures focused on innovation and customer success, expanded expertise across Risk, GRC, Project Risk and Business Continuity we are an organization positioned to provide unmatched value to our customers.

Why is Riskonnect right for Ventiv?

The two companies are very aligned based on their culture, view of the market, and a commitment to customer success. With this shared DNA, the combination provides new and broadened opportunities for Ventiv customers, elevates our combined resources for innovation in the arenas of RMIS and Claims Administration, and creates opportunities for growth and development of Ventiv employees.

Additionally, the combination of Riskonnect and Ventiv accelerates Ventiv’s vision of value creation through advanced analytics while at the same time providing Ventiv clients with expanded solutions in the areas of GRC and Business Continuity.

When will the acquisition be completed?

The transaction has officially signed on December 22, 2023 and closed on January 11th, 2024.

What will happen to the current Ventiv and Riskonnect products?

Riskonnect remains committed to providing leading RMIS and Administration products. Customers can expect continued support of Ventiv solutions. Near-term product plans will remain unchanged, but future product plans will seek to maximize return of our combined customers’ requirements, which thematically will focus on:

  • Expanding on Ventiv’s momentum in claims administration
  • Accelerating Ventiv’s advanced capabilities across Digital, Analytics, Policy and Billing
  • Leveraging the ‘best-of-breed’ functions of all Ventiv and Riskonnect RMIS platforms to develop the most robust go-forward RMIS platform while providing customers as seamless an upgrade path as possible;
  • Combining our focus and resources to further enhance our position as the leading RMIS solution available on the market.

How is the combination expected to benefit Ventiv customers?

Ventiv customers will benefit from Riskonnect’s expanded Integrated Risk Management (IRM) and RMIS product capabilities, an expanded global support infrastructure, deep multi-industry domain expertise, a large community of innovative peer customers and a growing network of Riskonnect Partners focused on expanding IRM value.

How will the transaction impact customers? What differences will they see?

Customers should expect the same or better level of quality service they have been receiving. Customers should continue to call the same contacts for sales and support. As integration plans progress, frequent updates will be made available to ensure customers are well informed of all changes and transitions.

How are customers being notified about the acquisition?

A press release has been issued announcing the transaction and customers will begin to be notified through various communication channels.

How is customer feedback being considered in the integration?

Riskonnect is forming a Customer Advisory Council that will focus specifically on the integration of Ventiv and Riskonnect. The Customer Advisory Council will include customers from both Ventiv and Riskonnect. The council will advocate the customer’s perspective, provide feedback on product, customer success and implementation strategy. They will also advise on communication, strategy and help to foster a combined sense of community.

Will existing Ventiv customer contracts be honored?

Yes. All existing Ventiv customer contracts will continue to be honored.

Who will lead the combined business?

Jim Wetekamp, the CEO of Riskonnect will have overall leadership responsibilities for the combined business.  As Riskonnect continues to expand through the Ventiv acquisition, we will be relying heavily upon the leadership and direction of key members of the Ventiv team.

What will happen to the team supporting me?

Riskonnect’s goal is to build the best team of Risk and insurance professionals possible to continue supporting our clients. Riskonnect has industry leading employee retention and corporate culture ratings that we hope will create an environment for the Ventiv team you rely to continue to grow with us.

What risks do you foresee with this integration that will impact the Ventiv customer experience?

As with any integration there are potentially unforeseen risks. However, we believe there is low risk. Customers will benefit from enhanced functionality, not less. Customers will continue to receive the excellent customer care they have experienced with Ventiv while benefiting from the capabilities of a much larger organization and access to new solutions.

What is the product integration strategy?

Riskonnect’s integration strategy focuses on one key principle:

The Maximum Value Promise

  • We will place maximum priority on providing Ventiv customers with leading solutions.
  • Customers will continue to enjoy the same or better service and support.
  • Ventiv customers will have access to expanded capabilities through Riskonnect’s broader IRM capabilities.

Will there be a name change in the foreseeable future?

We will rebrand Ventiv to Riskonnect over time. It is important to us that customers trust their Ventiv brand loyalty will carry over to the Riskonnect brand values.