Reinsurance News

Willis Towers Watson develops new multi-peril property loss modelling tool

19th September 2018 - Author: Matt Sheehan

Insurance and reinsurance broker Willis Towers Watson has developed a new technology platform to help organisations analyse potential property losses, called Property Quantified.

Willis Towers WatsonSet to be launched during the RIMS Canada 2018 Conference on September 23, the Property Quantified platform will enable clients analyse losses across a global portfolio and optimise their risk transfer and insurance strategies.

Willis Towers Watson claims that the platform is the first of its kind to model multiple perils for clients with physical locations anywhere in the world, including both catastrophe risks such as earthquake and hurricane, as well as all other loss types, such as fire and vandalism.

Property Quantified will operate as a web-based, interactive platform, Willis Towers Watson explained, and will leverage the firm’s proprietary algorithms and vendor models to deliver loss projections and assess insurance strategies in financial terms.

“This powerful tool goes far beyond benchmarking data and natural catastrophe modeling, empowering decisions on property insurance with a level of sophistication not yet seen in the industry,” said Joe Peiser, head of Broking North America, Willis Towers Watson.

“We are committed to delivering innovative risk management solutions to our clients, and Property Quantified is the latest demonstration of Willis Towers Watson’s leadership in the market,” Peiser added.

Willis Towers Watson also stated that, as the latest release in its interconnected suite of quantification models, Property Quantified can be used in combination with other tools to support an organisation’s broader risk management strategy.

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