Empowering insurance brokers with data and analytics

When risk managers purchase insurance for corporations, they have to master a balancing act. They need to figure out how much risk they can retain within the organization, and how much they should transfer via the purchase of insurance and other financial risk transfer mechanisms. They then need to justify their decisions to senior management and the board of directors most of whom will not be well-versed in the granular details or the small print of corporate risk and insurance. Global insurance brokerage, risk management and advisory firm, Willis Towers Watson (WTW), has come up with a suite of technology tools to help commercial clients gain a holistic understanding of their risks in a language that’s accessible to all stakeholders. The global firm is equipping its brokerage force with data analytics and risk modelling capabilities in order to help clients establish optimal risk strategies across their organisations by developing portfolio approaches to risk.