To help organisations deal with the increasingly complex risks they face, Willis Towers Watson (WTW) has entered into a partnership with social business intelligence and data analytics firm Polecat Intelligence.
Through the partnership, both companies will develop insurance solutions that will help organisations respond to the rapidly changing challenges they now face, a company release said. In particular, Polecat’s data will be used to support WTW’s solutions in areas such as life sciences, reputational, and product recall risk, as well as D&O. The data will be derived from unstructured data processed through Polecat’s artificial intelligence and machine learning.
“The partnership with Polecat enables Willis Towers Watson to offer clients real-time insight to public opinion through analysis of social media,” said WTW head of global markets P&C hub Garret Gaughan. “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.”
“Polecat exists to provide foresight for corporate boards and executive leadership teams to make better decisions on emerging risks and opportunities,” said Polecat co-CEO James Lawn.
Lawn added that corporate boards and executive leadership teams are looking for insurance and technology that allows them to manage their risks – and Polecat’s partnership with WTW enables that.
“The partnership between Willis Towers Watson and Polecat, signals a new generation of innovative risk management solutions combining Al-powered data analytics, consultancy and insurance in one place,” said Airmic CEO John Ludlow.