The solution is available globally and initially to clients in the leisure & hospitality, manufacturing, retail and transportation sectors
Willis Towers Watson and Liberty Specialty Markets have launched Reputational Crisis Insurance – a solution that helps organisations 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.
Live, client-controlled reputational data and intelligence analysis is provided by market leader, Polecat Intelligence Limited. The solution is available globally and initially to clients in the leisure & hospitality, manufacturing, retail and transportation sectors.
Barbara Fabbri, head of casualty, corporate risk and broking Asia at WTW said: “The nature of public trust in authority, whether private or state sector, has changed radically in the last five years. 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, even here in Asia, find themselves in a volatile and dangerous reputational environment with significant and abstract forces to contend with. WTW 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 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.”
Fabbri added: “While the world contends with the outbreak of Covid-19, the importance of maintaining momentum in innovation remains clear. Emerging threats continue to arise, and companies need the option of modernised risk transfer and mitigation solutions in response.
”For organisations of all types in a changing world, the holistic management of emerging risks like fake news, social engineering and perception manipulation will be critical to maintaining value.”