WTW launches new risk tool for healthcare

WTW has launched a new risk and analytics tool for clients in the healthcare industry, focused particularly on risks associated with hospital professional liability.

Similar to other proprietary tools within WTW’s Risk & Analytics suite of technical platforms and solutions, the new model, called HPL Quantified, provides clients with a set of assessment options to optimise their risk transfer, focused on hospital professional liability (HPL).

The model offers an analysis of risk quantification and risk transfer optimization variations, offering support based on a tailored understanding of a clients’ HPL exposures in the United States.

Based on data and algorithms from WTW’s industry-leading healthcare actuarial group, HPL Quantified can be used to assess the full range of loss potential for a client’s exposure base. Healthcare brokers at WTW now have the capability to offer full risk quantification at scale, strategically collaborating with clients to craft optimal risk transfer solutions, executing the best options most suited for the client’s specific exposures.

Maryann McGivney, head of healthcare, corporate risk & broking, North America, added: “This new model is a game-changer for how we service healthcare clients. Real-time data analysis to present clients with a proven model that clearly and transparently displays optimal risk transfer solutions to cover their relevant exposures while optimizing their overall spend.”

Ben Fidlow, global head of core analytics at WTW, an instrumental leader in creating the HPL Quantified tool, commented: “HPL Quantified is the amalgamation of two of our best assets, our actuarial expertise within the healthcare industry, and our scalable technology platform, empowering our healthcare colleagues to provide industry-leading analytics to maximize the efficiency of insurance spend for our clients.”