Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, and Liberty Specialty Markets, a leading global provider of specialty and commercial insurance products, today launched Reputational Crisis Insurance – a solution that enables organisations to transfer the financial risk associated with certain types of reputational crises in addition to providing access to a range of non-insurance capabilities, including AI-powered data analysis.
While the world contends with the outbreak of Covid-19 the importance of maintaining momentum in innovation remains clear. Emerging threats continue to arise, and companies need the option of modernised risk transfer and mitigation solutions in response.
Reputational Crisis Insurance has been developed through an exclusive partnership between Willis Towers Watson and Liberty Specialty Markets. Live, client-controlled reputational data and intelligence analysis is provided by market leader, Polecat Intelligence Limited. The solution is available globally and is initially available to clients in the leisure & hospitality, manufacturing, retail and transportation sectors.
Garret Gaughan, Head of Global Markets P&C Hub, Willis Towers Watson, said: “The nature of public trust in authority, whether private or state sector, has changed radically in the last five years. The balance of power in the context of influencing public perception has shifted from the boardroom and into the hands of the smartphone generation. Organisations find themselves in a volatile and dangerous reputational environment with significant and abstract forces to contend with. Willis Towers Watson is pleased to be at the forefront of moving the conversation away from the drawing board and towards the delivery of a tangible fiduciary support mechanism for clients.”
Lewis Edwards, Head of Underwriting, Specialty Binders at Liberty Specialty Markets, said: “Clients’ increasing exposure to both traditional media and social media has led to a rise in reputational losses globally. Most Reputational products in the market currently only respond to the crisis communication fees incurred following a reputational crisis event. This new product is one of the few that provides coverage for the loss of an organisation’s gross profit following such an event, providing financial protection and also giving clients the tools they need to protect their reputation. The ability to act quickly and transparently can have a hugely positive impact on a crisis outcome.”
Adam Garrard, Head of Corporate Risk and Broking at Willis Towers Watson, said: “In Reputational Crisis Insurance, we are delighted to offer our clients a risk management solution combining AI-powered data analytics, consultancy and insurance risk transfer in one place. For organisations of all types in a changing world, the holistic management of emerging risks like fake news, social engineering and perception manipulation will be critical to maintaining value.”
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
Learn more at willistowerswatson.com.
Sarah Booker +44 (0)7917 722040
Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across key UK, European, Middle East, US, Bermuda, Asia Pacific & Latin America markets. We provide brokers and insureds with a broad product range through both the Company and Lloyd’s markets and have approximately 1,900 employees in approximately 60 offices.
For more information, visit libertyspecialtymarkets.com
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow. In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2019 gross written premium. We also rank 77th on the Fortune 100 list of largest corporations in the U.S. based on 2019 revenue. As of December 31, 2019, we had $43.2 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
Polecat Intelligence is a leading technology company that equips the world’s largest companies with the tools to manage, influence and optimise their corporate reputation. Polecat is a leader in risk and reputation intelligence delivering the industry, competitor and influencer insight that organisations need to make better decisions and ensure they are in control of their future.
Polecat takes open source data published online to bring together critical components of conversation, both good and bad, for the appraisal and management of risks affecting corporate reputation. Polecat’s primary solution, RepVault, visualizes this data so customers can see what is important to their business on-demand and in real-time, allowing for rapid benchmarking of their reputation profile and performance against competitors and peers.
Rob Straw +44 (0)7741 384671