Willis Towers Watson debuted a new analytical tool designed to help manage environmental risk. Lockton is partnering with an InsurTech to use its signature product – a cyber risks analytics platform for insurance intermediaries. Mercury Insurance said it is launching two programs to help Californians better protect their homes and families if they live in wildfire-prone areas.
Willis Towers Watson has launched HEAT – a new analytical tool designed to help manage environmental risk.
HEAT, which stands for Holistic Environmental Analytical Tool, is designed to use proprietary analytics to convert data from various exposure platforms into a comprehensive, user-friendly visualization of risk, empowering users to identify, score and prioritize environmental hot spots quickly.
HEAT has risk scoring calculations based on several factors, such as operational, historical and locational risk; surrounding properties; industry class; compliance; jurisdictional litigation; climate; and environmental regulatory information. The tool works with risk management teams to complement existing risk programs and make informed decisions supported by data, analytics, modeling and risk scoring. HEAT also differentiates risk to underwriters, demonstrating a focus on risk management, exposure identification and prioritization, and loss control, the company said.
Lockton said it is partnering with CyberCube to use its Broking Manager product – a cyber risks analytics platform for insurance intermediaries.
Established in 1966, Lockton has over 60,000 clients globally and is the world’s eighth-largest insurance brokerage. The business has over 100 offices in over 125 countries.
Broking Manager is designed to offer a streamlined approach to generating financial exposure impact that helps clients make informed decisions on coverages and limits. With Lockton, it will allow the broker’s teams to quantify the sources and financial impact of cyber risk exposure and educate clients accordingly. The platform also produces reports that can be used to educate prospects and clients on potential sources of loss, recent and relevant cyber events, and peer-to-peer benchmarking.
Mercury Insurance said it is launching two programs to help Californians better protect their homes and families if they live in wildfire-prone areas.
Homeowners who take one or more steps to either harden their homes against wildfires or live in a community recognized by the National Fire Protection Association as a Firewise USA site will be eligible to receive discounts of up to 18 percent. Homeowners who have a California Fair Access to Insurance Requirements (FAIR) Plan policy are also now able to strengthen their protection with Mercury’s new difference-in-conditions endorsement, which fills the gaps in their FAIR Plan coverage.
Mercury Insurance said it is one of the first companies to offer wildfire mitigation discounts to California homeowners living in the wildland urban interface. Homeowners who take property and community wildfire prevention measures could be eligible to save up to 18 percent on the wildfire premium portion of their insurance
The property level discount applies to policies for hardened home structures and landscapes with sufficient defensible space. Installing a class “A” rated roof, using siding made of stucco, metal or brick, and regularly maintaining a fire-resistant landscape are a few examples of steps homeowners can take to earn a discount. The community level discount is for homes that are located in a NFPA Firewise USA Recognition Program site, shelter-in-place community or are part of a community with an active annual fuel mitigation program in place.
Sources: Willis Towers Wason, Lockton, Mercury Insurance