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WTW introduces reputational disaster insurance coverage answer

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Willis Towers Watson (WTW), together with the global provider of specialty and commercial insurance products Liberty Specialty Markets, has launched a new insurance product designed to help companies cope with reputational crises.

The new reputation crisis insurance was developed through an exclusive partnership between WTW and Liberty Specialty Markets. In addition to offering insurance companies that transfer the financial risk associated with certain types of reputational crisis, it also provides customers with access to a number of non-insurance related features, such as: B. AI-based data analysis.

Customers also receive reputation data and intelligence analysis from Polecat Intelligence Limited as part of the insurance solution.

The insurance solution is available worldwide and will initially be offered to customers in the leisure and hospitality, manufacturing, retail and transportation sectors.

According to WTW Asia, head of Accident, Corporate Risk and Mediation for Barbara Fabbri, public confidence in authority – whether in the private or government sector – has changed dramatically in the past five years.

“The balance of power in connection with influencing public perception has shifted from the boardroom to the hands of the smartphone generation. Companies … are in a volatile and dangerous reputational environment with significant and abstract forces, ”said Fabbri. “WTW is pleased to be at the forefront when it comes to shifting the conversation off the drawing board and towards providing a specific fiduciary support mechanism for customers.”

“Most reputational products in the market right now only respond to crisis communication charges incurred after a reputational crisis event,” added Lewis Edwards, Liberty Specialty Markets head of underwriting, specialty binder. “This new product is one of the few that will cover a company’s loss of gross profit after such an event, provide financial protection, and give customers the tools they need to protect their reputation.”

Edwards believed that the ability to act immediately and transparently after a reputational crisis “can have an extremely positive impact on the outcome of the crisis.”

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