July 13, 2021
Richmond, Virginia, July 13, 2021 - Strategic Risk Associates (SRA), a leading provider of integrated risk and performance management software (“Watchtower”) and consulting solutions, announced today that it has entered into a strategic partnership with The Ironwood Consulting Group, a leading insurance Operations and Risk Management firm. This strategic partnership will extend SRA’s highly successful integrated risk management solution, Watchtower, to the Insurance industry. Business Risk is increasing across the board, and stakeholders such as Boards and Regulators are becoming increasingly demanding regarding Risk Management reporting and accountability. Watchtower’s P&C solution integrates Industry-specific metrics and competitive data to provide a panoramic view of enterprise risk and world-class reporting to carriers, while breaking down silos across the organization.
“Our innovation, strategic partnerships, and overall customer momentum are critical to driving our growth,” said Michael B. Glotz, Co-founder and CEO of Strategic Risk Associates. “By giving our customers unparalleled insights into their data, we equip them to make real-time decisions and navigate risk. We’re excited to be working with Ironwood and fully expect that the Insurance industry will benefit enormously by leveraging our platform in unique and novel ways.”
Gary Preysner, Managing Partner of Ironwood, commented that the Insurance industry “has a long track record of successfully managing key risk areas, including Pricing, Underwriting, Reserving, etc., but that these ‘pockets of best practices’ often remain siloed.” The industry’s track record is mixed at integrating risks across the enterprise and understanding how those risks affect and interact with each other. “Real time tracking, monitoring, and accountability for risk mitigation are powerful, especially when coupled with competitive peer data,” added Steven Strickman, Ironwood’s Operations Practice Leader. “With Watchtower, Senior Executives and the Board will understand their risk posture and be able to assign top risks to responsible parties for follow through – not just knowledge, but action.”
SRA and Ironwood will continue to make significant investments in Watchtower P&C’s Integrated Risk Management (IRM) solutions both through enhancements to Watchtower and integrating leading technology partners. To learn more about Watchtower’s P&C Solution, click here.
About Strategic Risk Associates
Strategic Risk Associates (SRA) is a technology solutions provider and risk management consulting practice serving the Financial Services, Insurance and Technology industries. SRA's proprietary technology and methodology was designed and built “by bankers, for bankers” enabling clients to navigate risk and drive growth. SRA Watchtower is a risk intelligence and intuitive performance management platform built to continuously inform, enlighten, and empower banking executives and boards. SRA has helped hundreds of banks effectively navigate through significant risk events since the 2008 financial crisis. Learn more here.
About Ironwood Consulting Group
The Ironwood Consulting Group is a boutique consulting firm that specializes in insurance strategy development and operational improvement. Ironwood’s staff is a unique mix of seasoned professionals who have extensive experience running insurance operations within carriers and working for top tier consulting organizations who serve the insurance industry. Ironwood is excited to leverage its leading ERM thinking combined with the Watchtower platform, and is convinced that our joint efforts with SRA will fill a significant market gap by making insurance-related ERM substantially more insightful and cost effective.