Re/insurance broker Willis Towers Watson has launched a solution designed to enable organisations to transfer the financial risk associated with certain types of reputational crises.
The broker’s Reputational Crisis Insurance also provides access to a range of non-insurance capabilities, including AI-powered data analysis.
The solution has been developed through a partnership with Liberty Specialty Markets and will see live, client-controlled reputational data and intelligence analysis provided by Polecat Intelligence Limited.
The solution is available globally and is initially available to clients in the leisure & hospitality, manufacturing, retail and transportation sectors.
“The nature of public trust in authority, whether private or state sector, has changed radically in the last five years,” said Garret Gaughan, Head of Global Markets P&C Hub, Willis Towers Watson.
“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.”
Lewis Edwards, Head of Underwriting, Specialty Binders at Liberty Specialty Markets, added, “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.
“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.”