Willis Towers Watson and Liberty Specialty Markets launch reputational crisis insurance option
- Published: Thursday, 25 February 2021 09:52
Willis Towers Watson and Liberty Specialty Markets have announced the availability of Reputational Crisis Insurance – new solution that enables organizations to transfer the financial risk associated with certain types of reputational crises in addition to providing access to a range of non-insurance capabilities, including AI-powered data analysis.
Reputational Crisis Insurance has been developed through an exclusive partnership between Willis Towers Watson and Liberty Specialty Markets. In addition, live, client-controlled reputational data and intelligence analysis is 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.
Garret Gaughan, Head of Global Markets P&C Hub, Willis Towers Watson, said: “The balance of power in the context of influencing public perception has shifted from the boardroom and into the hands of the smartphone generation. Organizations 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, said: “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 organization’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.”