New tool to help risk managers forecast third-party motor risk across Europe – Willis

Willis has launched a tool that enables risk managers to forecast third party motor risk across Europe, at the FERMA Forum in Venice.

The Dynamic Casualty Forecast tool uses Willis’ proprietary data so that, for the first time, a client with significant motor exposure of any vehicle type and any country mix across Europe can now have an improved understanding of their risks, and a customised view of loss potential.

This clearer understanding of risks can then be overlaid across company financials to give tangible and real-time decision support to drive risk transfer strategy, as well negotiate better terms with insurance markets.

Ben Fidlow, Global Head of Willis Core Analytics, said: “Willis handles more than one million vehicles across Europe, and we have a significant presence with dedicated teams in many key countries. We understand our clients’ business and the industry’s unique needs.

“The Dynamic Casualty Forecast engages clients at all levels with clear, concise visuals and financials. For the first time, auto fleet managers will now have data-driven decision support to proactively engage the insurance markets on a country-by-country and aggregated basis across Europe. This approach breaks down the segmentation for motor liability across countries and markets to provide better risk insight and decision support for our clients.”

John Merkovsky, global head of Willis Risk & Analytics, said: “Willis believes in the power of data, analytics and technology to help our clients across all industries and in every corner of the globe. This is the latest in a series of ground-breaking risk quantification tools, and we are designing many more to meet our clients’ needs.”