Integrated into Willis Towers Watson’s Global Peril Diagnostic tool, risk managers can assess their COVID-19 property exposure in real time
ASIA, 25 March 2020 — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, today launched a new, real-time, risk and analytics feature as part of its Global Peril Diagnostic modelling tool. The new feature provides up-to-date information on confirmed global COVID-19 cases alongside clients’ property total insured values by location. Notably, the feature enables clients to easily track developments of the pandemic set against their property assets around the world.
Willis Towers Watson’s Global Peril Diagnostic tool is a sophisticated risk and analytics model that evaluates clients’ property portfolios and assesses their exposure to comprehensive catastrophe risk, inclusive of terrorism and 12 natural perils. The tool’s underlying technology can also be used for charting an employer’s head count or payroll by office location. The data and information supplied to the new feature cover China, the United States, Canada and Australia at province/state levels and the rest of the world at country level, represented by either a country’s geographical central point or capital.
“The economic impact of COVID-19 will clearly be significant, and organisations are under pressure to quickly identify and better understand their business interruption and workers compensation exposures triggered by this pandemic,” said Ben Fidlow, global head of Core Analytics, Corporate Risk and Broking, Willis Towers Watson. “Our new data- and analytics-driven feature will help clients through these efforts and enable them to enhance the practice of their proactive resiliency risk and business continuity decision making.”
“Asia is at a more advanced phase of the COVID-19 pandemic. After months of managing the outbreak and impact of the coronavirus here, there are encouraging indications that some countries in the region are controlling the spread of the virus, whilst others are showing signs that they are commencing the recovery process. This presents an opportunity for organisations to track the receding virus in these geographies and commence planning for the resumption of business operations as soon as it is practical. The new COVID-19 feature in the tool will be beneficial in assisting our clients and facilitate this process,” added Vince Mossfield, Liability Practice Head, Risk & Analytics Asia, Willis Towers Watson.
The information within the new feature has been created and maintained by the Center for Systems Science and Engineering at Johns Hopkins University. Data sources include the World Health Organisation, the U.S. Centers for Disease Control and Prevention, the National Health Commission of the People's Republic of China, the European Centre for Disease Prevention and Control, and DXY. The China data are automatically updating at least once per hour, and non-China data are updating manually.
The information will automatically be visible to users through the “live events” capability; users have the option to turn this feature off if it’s not required.
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
