JLT launches affordable corporate reputation insurance for SMEs
28 February 2019
JLT Specialty is first UK broker to offer corporate reputation product in partnership with Allianz Global Corporate & Specialty
Product specifically aimed at SMEs in the entertainment, hospitality, food, beverage, travel, communication & technology, education and healthcare sectors.
JLT Specialty (JLT) has launched a new corporate reputation insurance product in partnership with Allianz Global Corporate & Specialty.
Reputation Protect Plus provides coverage against the loss of net operating profit from a reputational crisis combined with a crisis response service. As the first UK broker to offer the product, JLT is targeting UK SMEs and midcorps within the entertainment, hospitality, food, beverage, travel, communication & technology, education and healthcare sector. Companies within these sectors rely heavily on consumer trust, which can be undermined quickly and become vulnerable to reputational damage – especially if they haven’t budgeted for crisis communication and bespoke reputational risk solutions.
As part of the insurance solution, clients will be provided with the comprehensive reputation analysis (as part of a preparatory workshop) to identify the potential risks to their business in order to develop response and prevention strategies. This is overseen by MediaTenor International AG, a leading institute for media analysis, and clients will also be able to select from several leading communication agencies including Brunswick, Kekst CNC and Hill+Knowlton to support them during an incident.
Reputation Protect Plus provides protection for up to 180 days of falling net operating profits from when the reputational harm is first discovered, including the cost of an external expert required to prepare and present the quantity of the financial loss.
Edel Ryan, Partner for JLT Specialty, said: ‘Reputation is a matter of trust – and if that trust is undermined, then customers will vote with their feet, tweets and wallets very quickly. While the best-known scandals inevitably involve high-street brands, all businesses are equally at risk.’
‘While the financial loss cover under the JLT exclusive policy wording with Allianz is a game changer, we also set out to deliver a proactive risk management strategy for the board to deal effectively with a reputational crisis.’
Susan Crabtree, Regional Head of Product Development Financial Lines at Allianz Global Corporate & Specialty, said: ‘In the era of social media and fake news, perception is reality and reputations can be shredded in hours with an immediate knock-on effect on a company’s bottom line. A crisis can also lead to aggressive competitors seeking to capitalise on your troubles – a dangerous mix that can erode short- and long-term income.’
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Group PR Manager, JLT Group
+44 (0)20 7895 7705
+44 (0)7799 340658
Jack Curry / Alice Osborn / Brian Sztukowski
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NOTES TO EDITORS:
About Jardine Lloyd Thompson
Jardine Lloyd Thompson is one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 41 countries with more than 10,600 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
JLT Specialty Limited (JLT Specialty) is a specialist insurance broker and risk consultant, providing market leading industry knowledge and expertise in specialist fields to some of the world's largest companies.
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is the Allianz Group's dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Entertainment, Financial Lines (incl. D&O), Liability, Mid-Corporate and Property insurance (incl. International Insurance Programs).
Worldwide, AGCS operates with its own teams in 34 countries and through the Allianz Group network and partners in over 210 countries and territories, employing almost 4,400 people of 70 nationalities. AGCS provides insurance solutions to more than three quarters of the Fortune Global 500 companies, writing a total of €8.2 billion gross premium worldwide in 2018.
AGCS SE is rated AA by Standard & Poor’s and A+ by A.M. Best.
For more information please visit www.agcs.allianz.com or follow us on Twitter @AGCS_Insurance LinkedIn and Google+.