CS STARS Announces New STARS Claims Benchmarking Product
CHICAGO, Monday, 16 November 2009 - CS STARS LLC, the leading provider of risk management technology, today announced the release of a new claims benchmarking product available through the STARS© Enterprise© risk management software platform.
Available immediately, the new product enables STARS clients to measure their claims experience against a large national claims database and to compare their experience with that of peer organizations. The claims database, aggregated by CS STARS across its risk management system installations, contains approximately three million liability, property and workers’ compensation claim records from more than 500 organizations. The data were derived primarily from major insurance companies on behalf of CS STARS clients.
The benchmarking data can be accessed from STARS reports that enable users to chart their data side-by-side with peer organizations based on industry, geography, risk profile, or other factors.
"Our new benchmarking product is an extension of core data technologies that have established STARS as the market leader in the RMIS space," said Scott Robinson, director of strategic product development for CS STARS. "Clients can make comparisons to timely, accurate production quality data – this means that the data haven’t been through multiple conversion processes that can reduce validity and efficacy."
"As a market leader, we are at a point of fruition – we are leveraging our tenure and experience processing millions of claims for organizations of all sizes, and across all industries and geographies, to bring insight that can help clients improve their overall claims operations," said Bill Diaz, president of CS STARS. "Understanding how their risks and operational factors compare to those of their peers helps clients set expectations, establish benchmarks, and informs their overall risk management strategies."
The first release of the STARS claims benchmarking product includes a library of configurable reports. Plans are underway for a second release that extends the capabilities through a Web-based interactive tool for viewing benchmarking data. The second release is expected to be available in the second half of 2010.
For additional information about CS STARS claims benchmarking product, contact Gabrielle Vetrone of CS STARS LLC at (650) 728-7218 or email firstname.lastname@example.org.
About CS STARS LLC
CS STARS LLC, a business unit of Marsh, serves the technology needs of risk management professionals, as well as insurance carriers and third-party administrators – delivering integrated software and services for risk, claims and compliance management. CS STARS’ primary software platform, STARS© Enterprise©, supports comprehensive risk management, enterprise risk management (ERM) and compliance and safety management. CS STARS has more than 500 employees worldwide and serves over 1000 clients. Its software and services help clients improve business processes, manage costs and reduce enterprise risk. CS STARS Web Site is www.csstars.com.
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