Willis Re, the reinsurance division of Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, has deployed a wildfire risk solution that can be used throughout the U.S. to assess location level wildfire risk, and how the risk correlates to the company’s portfolio level wildfire exposure. The new solution supports Willis Re clients to write and price wildfire risk with increased confidence and efficiency for the peril of wildfire.
Recent and devastating wildfires in California revealed that many carriers do not have a good handle on their wildfire risk, largely due to existing industry models which do not accurately represent the hazard. To help clients bridge this gap, in 2016 Willis Re initiated development of a wildfire risk score. Today, Willis Re in partnership with SpatialKey, a leading data enrichment and geospatial analytics hub for the P&C industry, have enhanced this solution in order to deliver to clients at their point of quote.
Vaughn Jensen, Executive Vice President, Willis Re said: “The Willis Re Wildfire Score provides the framework for our clients to achieve meaningful portfolio and underwriting improvements with the least amount of disruption. We are also pleased to extend the scope of our partnership with SpatialKey and continue to explore how collectively we can deliver superior value to our clients.”
Tom Link, CEO and Founder, SpatialKey comments: “At SpatialKey, we help clients enable, enrich, and analyze data across underwriting, exposure management, and claims workflows. Our insight hub brings together expert content from over 20 data providers across multiple perils into a single platform. This initiative with Willis Re extends the reach of our underwriting platform and allows Willis Re to quickly, contextually, and flexibly deploy hazard data to their clients at their point of quote. We are excited to explore how we can bring operational efficiency to the market through our partnership.”
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