Broker Willis Towers Watson has launched a new analytical tool designed to help manage environmental risk.
The new solution, called HEAT, will use proprietary analytics to convert data from various exposure platforms into a comprehensive, user-friendly visualization of risk, enabling users to identify, score and prioritise environmental “hot spots” quickly.
The tool works in conjunction with risk management teams to complement existing risk programmes and make informed decisions supported by data, analytics, modeling and risk scoring. It also differentiates risk to underwriters, demonstrating a focus on risk management, exposure identification and prioritisation, and loss control.
“This new product gives our clients the power to make informed risk management decisions supported by data, analytics and modeling while also complementing loss control and efficient risk management strategies,” said Brian McBride, head of environmental broking, Willis Towers Watson.
Jim O’Connor, head of middle market broking solutions and specialty broking, added: “HEAT offers a compelling way to differentiate risk and achieve reliable risk management results backed by analytics. Being the first tool of its kind in the environmental insurance broking arena, it further establishes our position as the analytical broker. This is a true differentiator in our industry, and we are thrilled with what this team has developed.”
Willis Towers Watson, Environmental risk, Analytical tool, Risk scoring