Willis Re, the reinsurance division of global brokerage Willis Towers Watson, has announced the deployment of an updated US wildfire risk solution.
The solution, launched in partnership with geospatial data enrichment and analytics firm SpatialKey, supports Willis Re clients in writing and pricing wildfire risk.
Willis Re has cited the recent California wildfires as one of the primary drivers behind the decision to launch this solution, as well as their investment in wildfire risk solutions over the past few years.
“The Willis Re Wildfire Score provides the framework for our clients to achieve meaningful portfolio and underwriting improvements with the least amount of disruption,” said Vaughn Jensen, Executive Vice President, Willis Re.
“We are also pleased to extend the scope of our partnership with SpatialKey and continue to explore how collectively we can deliver superior value to our clients.”
Tom Link, Chief Executive Officer and Founder, SpatialKey, added, “At SpatialKey, we help clients enable, enrich, and analyze data across underwriting, exposure management, and claims workflows. Our insight hub brings together expert content from over 20 data providers across multiple perils into a single platform.
“This initiative with Willis Re extends the reach of our underwriting platform and allows Willis Re to quickly, contextually, and flexibly deploy hazard data to their clients at their point of quote. We are excited to explore how we can bring operational efficiency to the market through our partnership.”