Willis Towers Watson to leverage AI for emerging risk solutions

Willis Towers Watson has announced a partnership with data analytics firm Polecat Intelligence to develop insurance solutions that enable organisations to respond to emerging and intangible risks. Polecat data will support Willis Towers Watson solutions in areas such as life sciences, reputational and product recall risk as well as D&O.

The broker will also use Polecat’s Artificial Intelligence (AI) and Machine Learning, to provide real-time risk insight from the world of unstructured data, in developing risk mitigation strategies and transfer mechanisms.

John Ludlow, CEO, Airmic, welcomed the partnership, which he said: “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.”

Garret Gaughan, head of Global Markets P&C Hub, Willis Towers Watson, said: “Organisations find themselves in a volatile and dangerous reputational environment… By working with a partner able to analyse unstructured data in real time we are able to design and implement risk mitigation mechanisms for our clients.”

James Lawn, co-CEO of Polecat, said the partnership was “bringing world-class risk transfer together with market-leading Artificial intelligence and Machine Learning to provide real-time risk insights from the world of unstructured data.

”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.”