Willis Group Holdings plc (NYSE:WSH) have unveiled a new suite of analytical tools to help firms proactively manage risks. These proprietary models will deliver innovative analytical capabilities for diagnosing Natural Catastrophe risk, Cyber risk, Directors & Officers Liability risk and Casualty-related losses. These solutions are part of the first wave of what Willis is calling its Core Analytics tool suite. 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 integrated into Willis's standard client deliverables and offered to clients free of charge. The tools are being launched to coincide with the Risk & Insurance Management Society's (RIMS) Annual Conference in New Orleans April 26-29. The following tools are live and will be available for demonstration at the conference:
Global Peril Diagnostic
Willis's Global Peril Diagnostic is the first in the industry to take a global view of an organization's Property portfolio. Traditionally, Property risk has been evaluated through a siloed approach measuring exposures based on either geography or individual perils. This model delivers a risk evaluation/scoring platform for the entire portfolio and includes a view of the most vulnerable properties across all major Natural Catastrophe perils: earthquake, tropical cyclone/hurricane, river flood, tsunami and storm surge.
Cyber Privacy Model PRISM II
Willis's PRISM II is an evolution of its original Privacy Risk and Insurance Strategy Model (PRISM). The threat of a data breach or network privacy breach continues to grow and is the leading cause of cyber losses. This industry-leading tool is a predictive model that quantifies the impact and likelihood of a privacy breach. Combining the latest breach data from Risk Based Securities with financial research and analysis by Willis Cyber experts, the tool enables a client-specific and dynamic view of risk. It also helps an organization determine optimal risk transfer strategies and financing limits.
Dynamic Casualty Forecast
With Casualty losses increasing in frequency and severity, and new Liability risks emerging, controlling costs and managing risk transfer spend requires more than the traditional "loss pick" approach. Dynamic Casualty Forecast is a state-of-the-art analytical tool that provides a complete picture of an organization's potential Casualty losses and the resultant impact on a firm's financials. The tool provides ground-breaking support by examining the entire range of resultant total cost of risk (TCOR) and company-specific EBITDA distributions. This allows for an immediate view of the risk-versus-return continuum for each risk transfer program.
D&O Quantified is a sophisticated predictive model that evaluates a firm's loss potential related to Directors & Officers (D&O) Liability exposures and provides decision support for optimal insurance structures. Going beyond the standard measure of a firm's market capitalization and industry segment, this tool incorporates client-specific stock price trends, price volatility, corporate governance and accounting metrics, as well as valuation dynamics to provide predictive insights into claim frequency and severity, achieving a refined evaluation of an organizations' comprehensive D&O risk.
Commenting on the solutions, John Merkovsky, Group Head of Risk & Analytics said, "We're proud to launch these innovative solutions into the marketplace and support Willis's position as the analytical broker. Organizations today are facing a rapidly evolving set of risks and risk professionals demand dynamic and innovative tools to diagnose exposures in real time and with analytic exactitude. Willis is committed to understanding our clients' businesses and delivering risk consultation that is grounded in technical principles." Ben Fidlow, Global Head of Core Analytics, said, "Each of these models brings a differentiating view of risk never before offered in the risk management space. We see this as a big step in the evolution toward analytical engagement that many of our sophisticated clients have been waiting for."
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