Willis Launches Suite of Risk Analytics to Help Organizations Proactively Manage Risks
22 April 2015 - 2:45AM
Willis Group Holdings plc (NYSE:WSH), the global risk advisor,
insurance and reinsurance broker, today unveiled a new suite of
analytical tools to help firms proactively manage risks. These
proprietary models will deliver innovative analytical capabilities
for diagnosing Natural Catastrophe risk, Cyber risk, Directors
& Officers Liability risk and Casualty-related losses.
These solutions are part of the first wave of what Willis is
calling its Core Analytics tool suite. These interactive tools
offer best-in-class risk quantification to help firms increase
their understanding of risk and support risk management decisions
grounded in company-specific data and industry-leading analytical
principles. The Core Analytics tools are integrated into Willis's
standard client deliverables and offered to clients free of charge.
The tools are being launched to coincide with the Risk &
Insurance Management Society's (RIMS) Annual Conference in New
Orleans April 26-29. The following tools are live and will be
available for demonstration at the conference:
Global Peril Diagnostic
Willis's Global Peril Diagnostic is the first in the industry to
take a global view of an organization's Property portfolio.
Traditionally, Property risk has been evaluated through a siloed
approach measuring exposures based on either geography or
individual perils. This model delivers a risk evaluation/scoring
platform for the entire portfolio and includes a view of the most
vulnerable properties across all major Natural Catastrophe perils:
earthquake, tropical cyclone/hurricane, river flood, tsunami and
storm surge.
Cyber Privacy Model PRISM II
Willis's PRISM II is an evolution of its original Privacy Risk
and Insurance Strategy Model (PRISM). The threat of a data breach
or network privacy breach continues to grow and is the leading
cause of cyber losses. This industry-leading tool is a predictive
model that quantifies the impact and likelihood of a privacy
breach. Combining the latest breach data from Risk Based Securities
with financial research and analysis by Willis Cyber experts, the
tool enables a client-specific and dynamic view of risk. It also
helps an organization determine optimal risk transfer strategies
and financing limits.
Dynamic Casualty Forecast
With Casualty losses increasing in frequency and severity, and
new Liability risks emerging, controlling costs and managing risk
transfer spend requires more than the traditional "loss pick"
approach. Dynamic Casualty Forecast is a state-of-the-art
analytical tool that provides a complete picture of an
organization's potential Casualty losses and the resultant impact
on a firm's financials. The tool provides ground-breaking support
by examining the entire range of resultant total cost of risk
(TCOR) and company-specific EBITDA distributions. This allows for
an immediate view of the risk-versus-return continuum for each risk
transfer program.
D&O Quantified
D&O Quantified is a sophisticated predictive model that
evaluates a firm's loss potential related to Directors &
Officers (D&O) Liability exposures and provides decision
support for optimal insurance structures. Going beyond the standard
measure of a firm's market capitalization and industry segment,
this tool incorporates client-specific stock price trends, price
volatility, corporate governance and accounting metrics, as well as
valuation dynamics to provide predictive insights into claim
frequency and severity, achieving a refined evaluation of an
organizations' comprehensive D&O risk.
Commenting on the solutions, John Merkovsky, Group Head of Risk
& Analytics said, "We're proud to launch these innovative
solutions into the marketplace and support Willis's position as the
analytical broker. Organizations today are facing a rapidly
evolving set of risks and risk professionals demand dynamic and
innovative tools to diagnose exposures in real time and with
analytic exactitude. Willis is committed to understanding our
clients' businesses and delivering risk consultation that is
grounded in technical principles."
Ben Fidlow, Global Head of Core Analytics, said, "Each of these
models brings a differentiating view of risk never before offered
in the risk management space. We see this as a big step in the
evolution toward analytical engagement that many of our
sophisticated clients have been waiting for."
For additional information about Willis's schedule of analytical
demonstrations at RIMS click here.
About Willis
Willis Group Holdings plc is a leading global risk advisor,
insurance and reinsurance broker. With roots dating to 1828, Willis
operates today on every continent with more than 18,000 employees
in over 400 offices. Willis offers its clients superior expertise,
teamwork, innovation and market-leading products and professional
services in risk management and transfer. Our experts rank among
the world's leading authorities on analytics, modelling and
mitigation strategies at the intersection of global commerce and
extreme events. Find more information at our Website,
www.Willis.com, our leadership journal, Resilience, or our
up-to-the-minute blog on breaking news, WilllisWire. Across
geographies, industries and specialisms, Willis provides its local
and multinational clients with resilience for a risky world.
CONTACT: Media:
Colleen McCarthy
+1 212 915 8307
colleen.mccarthy@willis.com
Investors:
Peter Poillon
+1 212 915 8084
peter.poillon@willis.com
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