Willis, Liberty Specialty unveil new reputational crisis solution

Re/insurance broker Willis Towers Watson (WTW) and Liberty Specialty Markets (LSM), a provider of specialty and commercial insurance products, have launched a new reputational crisis solution as losses from such events continue to rise globally.

The solution, which combines AI-powered data analytics, consultancy and insurance risk transfer, has been developed through an exclusive partnership between WTW and LSM, with Polecat Intelligence providing reputational data and intelligence analysis.

It will enable 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.

The reputational crisis solution will be rolled out globally, initially to clients in the leisure & hospitality, manufacturing, retail and transportation sectors.

“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," said Lewis Edwards, head of underwriting, specialty binders at LSM.

"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.”

Garret Gaughan, head of global markets P&C hub at WTW, 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.”

Adam Garrard, head of Corporate Risk and Broking at WTW, added: “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.”

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