The new feature developed by Willis Towers Watson enables risk managers to assess their COVID-19 property exposure in real time
The feature allows clients to easily track developments of the pandemic. (Credit: Pixabay /Olga Lionart)
Willis Towers Watson has announced the addition of a new real-time, risk and analytics feature to its Global Peril Diagnostic modeling tool.
The new feature offers up-to-date information on confirmed global COVID-19 cases alongside clients’ property total insured values by location.
The feature allows clients to easily track developments of the pandemic set against their property assets around the world.
Willis Towers Watson’s Global Peril Diagnostic tool is a risk and analytics model
Willis Towers Watson’s Global Peril Diagnostic tool is a risk and analytics model that evaluates clients’ property portfolios and assesses their exposure to comprehensive catastrophe risk including terrorism and 12 natural calamities.
The tool also allows charting an employer’s workforce or payroll by office location.
Data and information that is fed into to the new feature cover China, the US, Canada and Australia at province/ state levels and the rest of the world at country level, represented either by a country’s geographical central point or capital.
Willis Towers Watson corporate risk and broking, core analytics global head Ben Fidlow said: “The economic impact of COVID-19 will clearly be significant, and organizations are under pressure to quickly identify and better understand their business interruption and workers compensation exposures triggered by this pandemic.
“Our new data- and analytics-driven feature will help clients through these efforts and enable them to enhance the practice of their proactive resiliency risk and business continuity decision making.”
The Center for Systems Science and Engineering at Johns Hopkins University Information has created information for the new feature. It will also be responsible for maintaining that information.
The information is collected from data sources that include the World Health Organization, the US Centers for Disease Control and Prevention, the National Health Commission of the People’s Republic of China and the European Centre for Disease Prevention and Control.
Data from the China is being automatically updating at least once an hour and non-Chinese data was being updated manually.
Earlier this month, Aon announced the acquisition of Willis Tower Watson for nearly $30bn.