RISK TO CORPORATE REPUTATION IS QUANTIFIABLE WITH AI SOFTWARE INTEGRATION
Companies have to constantly plan for contingencies when managing risks to their reputation. When securing company insurance policies, risk can be a challenge to quantify and protect against.
But, insurance company, Beazley, has enhanced its reputational risk policy by integrating AI enabled tools that quantify risk more easily and help policyholders control their corporate brand and reputation.
The solution comes after an agreement with Polecat Intelligence, a reputational, economic, social & governance (ESG) and risk intelligence provider. The Polecat platform uses data to assess an organisation’s reputational profile and performance globally while benchmarking against competitors and peers. The service is now available to policyholders via a web-based portal that allows companies to scan the horizon in real time for potential threats to their reputation.
George Beattie, head of incubation underwriting, explains how this solution helps companies in two ways. First, it provides executives with current reputational insights and secondly, it helps to mitigate the risk of profitability by paying for loss and providing immediate access to crisis consultancy services.
This year’s Edelman Trust Barometer found business to be the most trusted institution, with 61% trust level globally and the only institution seen as both ethical and competent. With this in mind, the importance of protecting against reputational damage will continue to become an integral part of corporate balance sheets.
Trevor Maynard, Lloyd’s head of innovation, says, “Reputational risk is a fast evolving issue, and a growing priority for many businesses around the world.” Speaking on the new agreement, he said “By forming partnerships with our peers and Polecat, we’re able to use a blend of AI, benchmarking and industry intelligence to proactively support our customers in protecting their reputation.”
The reputational risk policy, underwritten by the Custodian Consortium at Lloyd’s, protects consumer-facing companies through the lifespan of a crisis to minimise reputational damage and the impact to profitability.