Riskonnect recently announced the acquisition of Ventiv Technology to form the largest RMIS provider in the market, serving over 2,500 customers globally. The combination of both companies, both recognized as industry leaders in the RMIS market, has captured the attention of risk management professionals worldwide. This union 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.
Combined Strengths:
One of the key advantages of this acquisition lies in leveraging each company’s strengths. Riskonnect, known for its breadth and depth of RMIS capabilities for organizations across multiple industries integrated into an integrated risk management platform, joins forces with Ventiv, known for its innovation in RMIS Analytics (Artificial Intelligence/Machine Learning, Benchmarks, Geospatial), claims administration, billing, and policy solutions. The result is a comprehensive suite of RMIS tools that not only streamlines data management, but also provides actionable insights tailored to specific business sectors.
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 bringing to market an unparalleled integrated risk management solution that brings Risk Under One Roof for complete end-to-end visibility helping organizations answer the question, “how at risk are we today?”
Expanded Service Offerings:
Customers of both companies can now access a broader range of products and services designed to meet the diverse needs of modern risk management. From incident tracking and claims administration to governance, risk and compliance, business continuity & resilience and predictive analytics, the consolidated expertise of the combined companies creates a one-stop-shop for organizations seeking end-to-end risk solutions.
Innovation in Technology:
With the acquisition, expect a surge in technological innovation within the RMIS space. The collaboration between Riskonnect’s technological advances and Ventiv’s analytical capabilities is anticipated to yield groundbreaking advancements including further integrating risk disciplines such as GRC and Business Continuity into the RMIS landscape and leveraging artificial intelligence, machine learning, and advanced data analytics to enhance risk prediction, improve decision-making, and ultimately empower customers to stay ahead of emerging threats.
Customer-Centric Approach:
This combination is not just about combining technologies but also about fostering a customer-centric approach. By pooling resources and knowledge, the combined companies aim to deliver personalized solutions that address the unique challenges faced by each customer. This focus on customer satisfaction is likely to set a new standard for excellence in the RMIS industry.
We recognize that the acquisition may bring uncertainties and questions among the customer base. That is why we have established the Ventiv Customer Council to partner with Riskonnect. The primary objective of the Customer Council is to act as a bridge between the Ventiv customer community and the strategic decisions made during this pivotal period. The Customer Council serves as a transparent and open channel for communication, ensuring that our customers are well-informed about the changes ahead and have a platform to express their concerns, expectations, and suggestions. Through regular engagements, surveys, and collaborative discussions, the council will provide vital feedback on various aspects such as product offerings, customer support, implementation, and overall satisfaction. Their input will be instrumental in shaping the direction of our company as we integrate both organizations together.
Industry Impact:
The ripple effect of this combination is not limited to the companies involved; it extends to the entire RMIS market. Competitors will now be compelled to reassess their offerings and strategies in response. The heightened competition is expected to drive further innovation and benefit end-users by raising the overall quality and efficiency of RMIS solutions available in the market.
We understand that other vendors in the market may attempt to create uncertainty during such transitions. We advise caution when listening to external sources, especially other vendors who may attempt to capitalize on the situation making false promises to attract attention. The newly formed Customer Council will play a crucial role in ensuring Ventiv customers’ voices help guide our actions and decisions to ensure desired outcomes.
We are encouraging customers to reach out to Riskonnect directly with any questions or concerns. We are here to provide the most accurate and up-to-date information, ensuring that you have a clear understanding of how the acquisition will benefit our customers.
Conclusion:
The combination of two market leaders in the RMIS space marks a pivotal moment in the evolution of risk management solutions. Customers can anticipate a new era of comprehensive, technologically advanced, and customer-centric offerings. As the industry adapts to this transformative union, businesses are presented with an unprecedented opportunity to fortify their risk management strategies and embrace a future where challenges are met with unparalleled expertise and innovation.
For more information, please visit our Ventiv Technology Acquisition Overview page.
