Software offers visibility into clinical trials.
August 22, 2008 -
Offered as browser-based risk management information system (RMIS), RiskConsole is available with Clinical Trials module that lets risk managers monitor all clinical trials in which their organizations are involved, total exposures represented by those trials, and required insurance coverage. Simultaneously, module enables organizations to streamline management of clinical trials for optimal visibility into project status across studies.
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|Original Press release |
200 E. Randolph
Chicago, IL, 60601
Aon eSolutions Launches Clinical Trials Module
Provides risk managers with comprehensive overview of clinical trials, including exposure and required coverage
CHICAGO, Aug. 13 -- Aon eSolutions, the client technology arm of Aon Corporation (NYSE:AOC) and the leading provider of global risk and insurance solutions, today announced it has launched a new Clinical Trials module as part of RiskConsole, the market-leading, browser-based risk management information system (RMIS).
Developed in conjunction with the Life Sciences practice of Aon Risk Services, RiskConsole's new Clinical Trials module enables risk managers to monitor all of the clinical trials in which their organizations are involved, the total exposures represented by those trials, and the required insurance coverage. At the same time, RiskConsole enables organizations to streamline the management of clinical trials, providing visibility into project status across studies.
Clinical trials and clinical research is the process of testing the safety and efficacy of new drugs and medical devices before they're approved by the U.S. Food & Drug Administration. General and professional liability coverage is required throughout this testing process. As a result, sponsoring pharmaceutical and life sciences companies, as well as participating healthcare facilities and professionals, need to carefully track, assess, and manage clinical trial risks in order to obtain adequate coverage.
"Risk managers may find it challenging to keep track of the many clinical trials taking place at their institutions, and obtaining an overview is time-consuming and resource intensive," said Kathleen Burns, chief executive officer of Aon eSolutions. "With RiskConsole, risk managers have the ability to monitor clinical trials worldwide, so they have an immediate and comprehensive understanding of the trials underway and the extent of the exposure."
Increased globalization of clinical trials presents additional challenges for life sciences companies. Aon's 2008 Clinical Trials Risk Map charts the complex insurance requirements and risk management needs that exist for companies conducting clinical trials globally. For instance, in 53 percent of the countries included in Aon's analysis, businesses must include a certificate of insurance in their regulatory filing package.
The RiskConsole Clinical Trials module tracks coverage required by government agencies in various host countries, and whether proper insurance documentation was provided to regulators. The system also acts as a valuable planning tool that enables companies to better manage the entire life cycle of a clinical trial. Other key features and benefits include:
-- The ability to track certificates of insurance and T85 protocol documents electronically.
-- Time-stamping enables risk managers to monitor and determine the current stage and ongoing progress of trials.
-- A user-friendly graphical dashboard identifies when critical milestones are met.
-- Multi-currency, multi-lingual capabilities accommodate the need to monitor clinical trial exposure worldwide.
-- Automatic scheduling of reports and distribution of alerts to notify companies of potential problems, adverse events, or non-compliance.
-- Real-time coordination of communication and activities among various stakeholders, including the risk manager, researchers, project managers, clinical directors, brokers, and underwriters.
"Clinical trials are essential to bringing new drugs or medical products to market, but missteps in the placement of insurance can delay or disrupt the process, resulting in costly financial implications," said James Walters, managing director of Aon Risk Services' Life Sciences practice group. "To date, companies used paper-based processes and spreadsheets to track clinical trials. RiskConsole offers a web-based platform to streamline this process and ensure proper coverage has been secured."
Aon eSolutions is the client technology solutions arm of Aon Corporation (NYSE:AOC). We provide innovative products, services and solutions to meet the diverse and varied needs of risk and insurance professionals. Our best-in-class systems-iVOS, RiskConsole, AonLine, and SafetyLogic-provide an unparalleled and integrated risk and insurance technology suite. This award-winning technology streamlines business processes and optimizes resources through a personalized and configurable approach and has resulted in measurable value for our clients. For more information on Aon eSolutions, log onto http://www.aon-esolutions.com/.
Aon Corporation (NYSE:AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting. Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world's best broker by Euromoney magazine's 2008 Insurance Survey. In 2008, Aon ranked highest on the Business Insurance ranking of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues. Aon also was ranked by A.M. Best as the number one insurance broker based on brokerage revenues in 2007 and 2008, and was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com/.