WTW and Liberty Specialty Markets launch rep risk solution

Willis Towers Watson and Liberty Specialty Markets have launched their joint Reputational Crisis Insurance offering for clients in the leisure and hospitality, manufacturing, retail and transportation sectors.

The new offering is designed to transfer the financial risk associated with certain types of reputational crises and with support from Polecat Intelligence, provides access to a range of non-insurance capabilities, including AI-powered data analysis for the management of fake news, social engineering and perception manipulation.

Garret Gaughan (pictured), head of global markets, P/C Hub, Willis Towers Watson, said the nature of public trust in authority, whether private or state sector, has changed radically in the last five years, and that the balance of power in the context of influencing public perception had shifted “from the boardroom and into the hands of the smartphone generation”.

“Organisations 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,” he explained.

Lewis Edwards, head of underwriting, Specialty Binders at Liberty Specialty Markets, added: “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.”

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