Willis Group Launches New Financial Institutions Insurance Program Aimed at Clients’ Risks from Vendors
New York, NY, February 4, 2008 – Willis Group Holdings (NYSE: WSH), the global insurance broker, announces its latest offering to help mitigate risk for financial institutions and other companies that outsource systems technology. The new Willis Vendor Insurance Program, the only product of its kind available, allows companies to set standards for the insurance of their technology vendors and provides a risk transfer solution purchased by the IT vendor that can protect both itself and their customer from liability arising from the services provided. The product was launched at last week’s American Bankers Association (ABA) Insurance Risk Management Conference in Indian Wells, California.
“Many of our clients have come to us saying that they are having difficulty in securing proof that their outsourced IT vendors are in compliance with their contractual responsibility to carry professional Iiability insurance. Our challenge was to address an industry wide vulnerability that also created financial risk for the institutions using those vendors,” said John Bayeux, Financial Institutions Practice Leader and Executive Vice President at Willis. “Offering this new and innovative approach to managing unmitigated risks from vendors underscores our commitment to serving our clients’ needs.”
The Willis Vendor Insurance Program can cover claims related to network management, web site or data center operations, security services and other technology services provided by vendors, including breaches of customer data, intellectual property infringements and other losses. Enhanced Professional Liability terms include coverage for network security liability, privacy liability, and software copyright coverage. While originally intended primarily for financial institutions, this coverage also has applicability for companies in the technology, retail and life sciences industries.
Willis Group Holdings Limited is a leading global insurance broker, developing and delivering professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 300 offices in some 100 countries, with a global team of approximately 16,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.