Today, One Concern, a climate analytics company, announced a strategic alliance with WTW, a leading global advisory, broking and solutions company. The two companies are providing the U.S. insurance market with One Concern Resilience ScoreTM to facilitate a better understanding of dependency risk and accelerate the adoption of parametric insurance.
One Concern Resilience Score identifies the business’ vulnerability to downtime caused by the infrastructure that it depends upon. These include the power grid, transportation infrastructure, as well direct property damage. Incorporating resilience scores into WTW’s client-facing analytical platforms, along with the broking workflow, will present a complete picture of existing building damage analyses, with the potential impact of vulnerable external dependencies.
“We’re thrilled to incorporate our resilience score into WTW’s cutting-edge analytical solutions and demonstrate to clients that the biggest threats to their business derive from climate-related dependency risk,” Ahmad Wani, CEO and Co-Founder One concern. “WTW’s ability to apply the latest in disaster science will enhance their clients’ decision-making process in choosing how best to integrate physical climate risk into their resilience strategy.”
One Concern’s analytics will support and augment WTW clients’ risk analyses and decision-making regarding specific mitigation steps, costs, and benefits, including alternative risk transfer mechanisms. One Concern insights can be used by risk managers and WTW advisors to recommend pricing adjustments, provide advice on risk mitigation, and increase clients’ business resilience to minimize the adverse effects of natural disasters.
“We are always looking for ways to help our clients thoroughly understand their risk profile, along with the opportunity for us to bring actionable insights and solutions to help them smartly reduce those risks; the ability to evaluate ‘the outside the fence’ risk dynamic is of critical importance, and now we can do something about it,” Ben FidlowWTW, Global Head of Risk Analytics. “One Concern’s investment in this area is quite impressive, and we are happy to deliver this new capability to our clients. This will help us reduce the basis risk in traditional property insurance and help our clients create long-term, sustainable resilience plans.”