18 December 2020IT & claims management analysis

Willis Towers Watson, Polecat use AI to enhance risk analysis

Willis Towers Watson has partnered with Polecat Intelligence, a social business intelligence and data analytics company, to develop new insurance solutions.

The companies are developing insurance policies to help clients manage risks in a range of areas, including life sciences, reputational, product recall risk and directors and officers. Willis Towers Watson will use Polecat’s artificial intelligence and machine learning to provide real-time risk insight by analysing social media.

The partnership will support Willis Towers Watson clients in developing risk mitigation strategies and transfer mechanisms enabling them to navigate an increasingly complex world.

Garret Gaughan, head of global markets P&C hub at Willis Towers Watson, said: “Information and the way that people access it to develop their perception of an organisation or situation has changed radically, for both the private and public sector. Organisations find themselves in a volatile and dangerous reputational environment.”

James Lawn, co-chief executive officer of Polecat, said Polecat exists to provide foresight for corporate boards and executive leadership teams to make better decisions on emerging risks and opportunities. “Corporate boards and executive leadership teams are looking for insurance and technology that enables them to manage and mitigate their emerging risks that impact their business landscape, the global economy and the world around us.”

John Ludlow, chief executive officer at Airmic, added: “The partnership between Willis Towers Watson and Polecat, signals a new generation of innovative risk management solutions combining AI-powered data analytics, consultancy and insurance in one place. For organisations of all types, there is an increasing recognition by executives and boards of reputation as one of the greatest strategic risks, and solutions like this will be critical to protecting and maintaining intangible asset value.”