WTW aims to improve risk transfer efficiency with new platform

Following Charlotte Gerken’s speech at the Bank of America 27th Annual Financial CEO Conference, risk management has been under review amongst both insurers and reinsurers.

Related topics:  risk management,  insurance
Tabitha Lambie | Editorial assistant, Barcadia Media
11th October 2022
warning risk new
"WTW is at the forefront when it comes to delivering valuable strategic solutions across the risk analytics market, and Risk IQ further highlights our client-centric capabilities."
- John Merkovsky, WTW global head of data and analytics

Last month, Charlotte Gerken noted that “reinsurance is an important component of well-functioning insurance markets, where reinsurers themselves have the financial strength to absorb the risks they are taking on.” But “beyond the risk to individual firms, there is potential for systematic risk to arise where a large proposition of the UK Insurance and Pension industry’s exposure to longevity risk is ceded to a small number of reinsurers.”

Gerken believes the Prudent Person Principle (PPP) is important to address concentrated risk, including how to manage risk from reinsurance and the matching adjustment (MA) review.

Responding to these recommendations, global brokerage WTW has now announced the launch of its Risk Intelligence Quantified (Risk IQ) platform. This platform will provide on-demand access to WTW’s modelling tools as well as allow businesses to quantify and analyse risks, evaluating combinations of risk transfer efficiency and risk levels.

WTW’s Risk IQ platform is designed for businesses seeking both substantial analysis and expert risk insight, including Global Peril Diagnostic, Climate Diagnostic, Workers’ Compensation Diagnostic, Property Quantified, D&O Quantified, and Risk Tolerance Clarified.

Commenting on the launch, John Merkovsky, WTW global head of data and analytics, has said:

“From entering new markets and stress-testing business scenarios to assessing M&A activity, Risk IQ empowers risk specialists to understand and navigate their business’s risk portfolio.

“Not only does the platform enhance decision-making across the risk management process, Risk IQ also ultimately puts risk managers in control of their analytic outputs, providing organisations with the ability to run business-critical scenarios and prepare for potential losses.”

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