One Concern Partners with WTW to Bring Climate Resilience Scores to the U.S. Insurance Market

Rhea-AI Summary

On June 16, 2022, One Concern announced a strategic alliance with WTW (NASDAQ: WTW) to enhance the U.S. insurance market's understanding of dependency risk. Through the integration of the One Concern Resilience Score (1CRX™), both companies aim to accelerate the adoption of parametric insurance. The 1CRX™ evaluates a business's vulnerability to downtime resulting from infrastructure fragility and property damage. This partnership is intended to improve WTW's analytical capabilities, allowing clients to make better-informed decisions regarding climate-related risks and insurance coverage.

Positive

• Strategic alliance with WTW enhances climate resilience analytics in U.S. insurance market.
• Introduction of One Concern Resilience Score (1CRX™) improves understanding of dependency risk.
• Collaboration supports WTW clients in making informed decisions on risk mitigation and insurance.

Negative

• None.

MENLO PARK, Calif., June 16, 2022 /PRNewswire/ -- Today, One Concern, a climate analytics company, announced a strategic alliance with WTW (NASDAQ: WTW), a leading global advisory, broking and solutions company. The two companies are providing the U.S. insurance market with One Concern Resilience Score^TM (1CRX™) to facilitate a better understanding of dependency risk and accelerate the adoption of parametric insurance. 

The One Concern Resilience Score indicates the vulnerability a business has concerning downtime arising from the fragility of the infrastructure a business relies upon, such as the power grid, transportation infrastructure, and related community areas, in addition to 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," said Ahmad Wani, Co-Founder and CEO, 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.   For example, risk managers and WTW risk advisors can use One Concern insights to suggest pricing adjustments, advise on risk mitigation activities, increase their business resilience to minimize the adverse impact of natural disasters, and secure parametric insurance covers to fill the protection gap they experience when faced with a natural catastrophe.

"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," said Ben Fidlow, Global Head of Risk Analytics, WTW.  "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."

About One Concern

We're a technology company building the digital infrastructure for global risk. We map, analyze and monitor every piece of the world's built environment and its connection to the global economy. Our mission is to make disasters less disastrous. www.oneconcern.com 

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help you sharpen your strategy, enhance organizational resilience, motivate your workforce and maximize performance.

Working shoulder to shoulder with you, we uncover opportunities for sustainable success—and provide perspective that moves you. 

Learn more at wtwco.com.

For media inquiries:
PR@oneconcern.com 

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SOURCE One Concern

FAQ

What is the purpose of the strategic alliance between One Concern and WTW?

The alliance aims to enhance the U.S. insurance market's understanding of dependency risk by integrating the One Concern Resilience Score (1CRX™) into WTW's analytical platforms.

When was the partnership between One Concern and WTW announced?

The partnership was announced on June 16, 2022.

How does the One Concern Resilience Score (1CRX™) benefit WTW clients?

The One Concern Resilience Score helps WTW clients understand vulnerability to climate-related risks and supports decision-making for risk mitigation and insurance coverage.

What is the significance of the One Concern Resilience Score in the insurance industry?

The score facilitates the adoption of parametric insurance by providing insights into dependency risks related to climate change.