Willis Towers Watson & Liberty Specialty Markets launch reputational crisis solution
Willis Towers Watson and Liberty Specialty Markets have 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.
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 organisations 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: “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. 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.”
Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across key UK, European, Middle East, US and other international locations. We provide brokers and insureds with a broad range of products through both the Company and Lloyd’s markets and have over 1,700 staff in approximately 65 offices. Liberty Specialty Markets was established in September 2013 bringing together Liberty’s company, syndicate and reinsurance operations into one combined operation, composed of three business units: Commercial, Specialty, and Reinsurance (Liberty Mutual Re). This integrated approach means brokers and clients can benefit from our global reach and operating efficiencies.
Liberty Specialty Markets is part of global insurer, Liberty Mutual Insurance Group, a diversified global insurer, formed in 1912 and headquartered in Boston, Massachusetts. Liberty Mutual is the 5th largest global insurer based on 2017 gross written premium, with over 50,000 employees in 30 countries and economies around the world. Our purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care. We achieve this by offering a full range of personal, commercial, and specialty Property & Casualty insurance coverages. Our customers’ trust has earned us the 68th spot on the Fortune 100 list of largest corporations in the U.S., based on 2017 revenue.
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