Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, today announced the launch of a new environmental analytical tool, which was developed to help manage environmental risk. HEAT, which stands for Holistic Environmental Analytical Tool, uses proprietary analytics to convert data from various exposure platforms into a comprehensive, user-friendly visualization of risk, thus empowering users to identify, score and prioritize environmental “hot spots” quickly.
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“This new product gives our clients the power to make informed risk management decisions supported by data, analytics and modeling while also complementing loss control and efficient risk management strategies,” said Brian McBride, head of Environmental Broking, Willis Towers Watson.
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 in conjunction 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.
“HEAT offers a compelling way to differentiate risk and achieve reliable risk management results backed by analytics,” added Jim O’Connor, head of Middle Market Broking Solutions and Specialty Broking. “Being the first tool of its kind in the environmental insurance broking arena, it further establishes our position as the analytical broker. This is a true differentiator in our industry, and we are thrilled with what this team has developed.”
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