Succeeding in today’s business environment requires agile adaptation and proactive risk management to safeguard against unforeseen disruptions. Manufacturers able to embrace change and risk within their operating landscape can position for success in their sector.
You need a partner who understands how to manage and mitigate manufacturing risk. We work with you to help identify and manage your unique manufacturing risks and find opportunities to grow.
Find a smarter way to manage your manufacturing risk and opportunities with our local and global network of insurance and manufacturing risk specialists and advanced analytics.
Our manufacturing expertise
We have deep collective knowledge and experience in the manufacturing sector gained from working with clients across the full manufacturing supply chain.
Our specialists have a proven track record of delivering advice, insurance and risk management solutions across a wide range of risk areas, including:
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Addressing supply chain disruption
In a volatile business landscape, manufacturing complexity increases supply chain risks. Supply chains face critical pressure from:
- Extreme weather
- Material shortages
- Supplier constraints
- Energy interruptions
It's vital you identify and manage the associated risks effectively through agility and diversification.
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Managing risk and insurance costs
Economic uncertainty puts pressure on manufacturing businesses to control the costs of insurance and risk management. The escalating costs of raw materials, equipment and transportation can also create challenges. It’s vital you understand how these can have potential ramifications for property damage (PD) and business interruption (BI) insurance coverage. We can help you more fully understand your total cost of risk and help you get the cover appropriate for your organization’s unique needs.
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Managing climate and environmental risks
Manufacturers are under increasing pressure to transition to net-zero pathways, while addressing concerns like extreme weather events and resource scarcity. This shift is accompanied by rising regulatory demands for sustainable sourcing and transparent environmental, social and governance (ESG) statements.
The move toward sustainability offers both opportunities and challenges, including investment requirements and regulatory compliance. Climate change and the transition to net zero are likely primary drivers of your entire risk portfolio. Proactively addressing these interconnected risks is crucial for protecting your organization's resilience and securing a sustainable future.
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Protecting your manufacturing business process from cyber risks
Automation, AI (artificial intelligence) and robotics are altering the nature of work and the dynamics of work processes. Digitization is driving this transformation, offering opportunities but also raising concerns over cyber risks. Increased digitalization in manufacturing operations heightens vulnerability to cyber-attacks, impacting business operations and systems. Manufacturers must proactively address cybersecurity to safeguard operations and mitigate disruptions. Neglecting cybersecurity could lead to increased insurance costs or loss of cyber insurance.
How WTW can help manufacturers
Our manufacturing industry specialists work with you to understand, manage and transfer existing and emerging risks through:
- Our global placement network
- Cutting-edge risk management solutions
- Risk governance expertise
- Advanced analytics
We prioritize your needs to find opportunities within risk. By aligning risk decisions with your corporate strategy and business objectives, we enable collaboration between risk management, finance and the C-suite.
Our actionable insights are tailored to empower you, making sure your decisions are not only informed but also directly contribute to a smarter way to manage risk.
Addressing manufacturing ESG risks
Consumers and investors are increasingly investing in and buying from brands that share their climate change, sustainability and diversity, equity and inclusion (DEI) values and goals. We have a dedicated team to help develop your ESG objectives, as well as a team that assesses climate risks to your organization.
Improving your manufacturing workforce’s productivity and performance
We also provide services and solutions to improve workforce productivity and performance. We can help you cultivate talent while balancing costs and rewards. Using our proprietary data, analytics and software, we find new ways to engage people and foster employee wellbeing.
How we serve our clients
We combine our manufacturing specialist knowledge with our data and analytics capabilities to design optimized cost-efficient insurance programs.
Our broking specialists have access to the global insurance market, so we can identify the insurance partners that are an appropriate fit with your risk.
For specialist help discovering smarter ways to manage risk in the manufacturing sector, please get in touch.
Disclaimer
Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
