Willis Towers Watson Enhances Suite Of Analytical Tools To Help Organizations Proactively Manage Risks

Willis Towers Watson Enhances Suite Of Analytical Tools To Help Organizations Proactively Manage Risks

Willis Towers Watson has announced its newest analytical offerings to help firms diagnose exposures related to cyber-risk, natural catastrophes and workers compensation. In addition, the company is releasing enhanced versions of its core analytics tools, which deliver insights across a range of risks including casualty-related losses, and directors and officers liability.

These market-leading solutions will be featured at the upcoming Risk & Insurance Management Society (RIMS) Annual Conference in San Diego (April 11 - 13), where live and interactive demonstrations will be available.

Cyber Quantified

Cyber Quantified represents an evolution of Willis Towers Watson's Privacy Risk and Insurance Strategy Model II (PRISM II). This new predictive tool quantifies an organization's risk due to privacy breach — an industry first — and measures the impact and likelihood of network outage due to a cyber-event, including its duration and corresponding financial impact. Modeling both of these exposures allows organizations to determine optimal risk transfer strategies and financing limits.

Workers' Compensation Diagnostic

With retained workers compensation losses ranking as the largest component of many organizations' total cost of risk, the Workers' Compensation Diagnostic delivers a much-needed and innovative way to help firms assess how well they are controlling operational risks and managing claims. This tool quantitatively evaluates claim experience and benchmarks the results against a customized peer set. Armed with a view of operational claim efficiency, the tool's financial impact of pre- and post-claim solutions can be analyzed. The model immediately values the corresponding savings potential from operational improvements and the resultant impact on financials such as EBITDA.

Global Peril Diagnostic

Willis Towers Watson's industry-leading Global Peril Diagnostic, which helps organizations evaluate natural catastrophe exposures across their entire property portfolio, has been significantly enhanced. This cutting-edge tool is now delivered via a web-based platform with increased interactive capability, including dynamic maps displaying property locations with site level scores for twelve natural perils. Additionally, the tool now incorporates global hazard data from Munich Re's Natural Hazards Assessment Network, offering organizations a broad view of catastrophe risk not seen before in the industry.

These solutions represent Willis Towers Watson's continued investment in its suite of core analytics tools launched at the 2015 RIMS Conference. These interactive tools offer best-in-class risk quantification to help firms increase their understanding of risk and support risk management decisions grounded in company-specific data and industry-leading analytical principles. The core analytics tools are embedded into Willis Towers Watson's standard client deliverables and mark an acceleration of its position as the analytical broker.

Commenting on the models, Ben Fidlow, head of Willis Towers Watson Core Analytics said, "Our clients demand cutting-edge analytical solutions that deliver risk insights in new and easy-to-understand ways. We have made significant enhancements to our suite of offerings, allowing for more insightful collaboration and resulting in more strategic risk management and business decisions. This is just the beginning; Willis Towers Watson is pushing the boundaries for what is possible in risk analytics.

More info: https://www.willistowerswatson.com/en/events/RIMS/rims-featured-tools-solutions



back to top