To satisfy a growing need among small and medium-sized
enterprises for an affordable risk management solution, ClearRisk Inc.
has developed ClearRisk� Tools � an online application that enables
businesses to customize risk management plans that meet specific
requirements. Supported by a $420,000 investment from the Provincial
Government, the company will commercialize its cost-saving technology
and work to position itself as a leader in North America�s risk and
insurance industry.
"Establishing an official process for conducting risk
management is an important step for businesses to optimize insurance and
reduce risk-related costs," said the Honourable Shawn Skinner, Minister
of Innovation, Trade and Rural Development. "Our investment supports
ClearRisk in its endeavour to expand its market potential and it also
promotes an affordable risk management tool that will benefit other
small companies."
The ClearRisk� Tools software package is designed to
help companies develop a structured method of preventing losses and
reducing risk-related costs such as insurance premiums and deductibles,
uninsured losses, and employee downtime. It provides all of the tools,
samples, templates, and functionality to implement a risk management
plan and track progress, saving considerable time and money for the
user.
"Up until now, there has been no one place where small
and medium-sized enterprises could go to get the tools and resources
needed to easily implement risk management," said Craig Rowe, President
and CEO, ClearRisk Inc. "As a result they pay too much for insurance and
other risk-related costs. ClearRisk�s mission is to provide affordable
solutions that reduce risk costs and help companies be more successful.
Building and marketing an innovative technology takes a great deal of
time and money before revenues can be realized. ClearRisk and other
companies like it would not be successful and able to contribute to the
economic growth of the province without the support of the Provincial
Government."
Already accepted as a valuable and user-friendly
product by partners, subscribers, and users, the ability of ClearRisk�
Tools to save time and money is attracting significant interest. This
was evident during recent trade missions to Chicago and New England
where ClearRisk garnered high praise for its innovation. The company
anticipates new growth in staffing over the next two years as
commercialization of its technology unfolds.
"Newfoundland and Labrador is home to a leading-edge
information and communications technology sector," said Minister
Skinner. "The industry is an important component of our economy with
tremendous potential for growth as export opportunities arise in niche
markets."
Incorporated in 2006, ClearRisk Inc. (formerly known
as Livyer Enterprises Ltd.) is based at the Genesis Centre on the campus
of Memorial University. The Genesis Centre is an incubation facility
that provides a wealth of resources to its tenants and associates with
the long-term goal of making their innovations market-ready. Admission
to the centre is competitive and restricted to businesses pursuing
technology-based ventures with high growth potential. Resources offered
through the centre include business plan assistance, mentorship, and
networking opportunities.
This initiative was funded through the
Commercialization Program, which through Budget 2009: Building on Our
Strong Foundation was allocated more than $3 million. Administered
by the Department of Innovation, Trade and Rural Development, the
Commercialization Program bridges an identified funding and investment
gap between product research and product marketing. It provides
financial assistance to private sector enterprises for activities
leading to the development of innovative, market-ready products and
services, including support for technology transfer activities.
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