Called as HEAT, the tool uses proprietary analytics to transform data from several exposure platforms into a comprehensive risk visualisation
HEAT differentiates risk to underwriters, indicating a focus on risk management, loss control. Credit: Scott Graham on Unsplash
Willis Towers Watson, an advisory, broking and solutions company, has introduced an environmental analytical tool to aid in managing environmental risk.
Dubbed as Holistic Environmental Analytical Tool or HEAT, the tool makes use of proprietary analytics to transform data from several exposure platforms into a user-friendly and comprehensive visualisation of risk.
Such visualisation helps users to quickly detect, score and then accordingly prioritise environmental “hot spots”.
Willis Towers Watson head of environmental broking Brian McBride said: “This new product gives our clients the power to make informed risk management decisions supported by data, analytics and modelling while also complementing loss control and efficient risk management strategies.”
More on HEAT
HEAT comes with risk scoring calculations based on several factors, such as surrounding properties; operational, historical and locational risk; compliance; industry class; climate; jurisdictional litigation; and environmental regulatory information.
Working along with risk management teams, the analytical tool complements current risk programme and helps the team to make informed decisions supported by data, analytics, modelling and risk scoring.
Furthermore, HEAT differentiates risk to underwriters, indicating a focus on risk management, loss control, and exposure identification and prioritization.
Willis Towers Watson head of middle-market broking solutions and speciality broking Jim O’Connor said: “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.”
In June, the insurance brokerage launched Homestead Insurance Company Incorporated Cell, a group captive solution designed for upper middle-market companies.
As per Willis Towers Watson, Homestead will reinsure The Hartford, which will issue admitted insurance policies to members selected for this group programme.