Hiscox and Bessé launch parametric reputation cover in France

By Henry Gale

March 20 - (The Insurer) - Hiscox and French broker Bessé have launched a reputation guarantee that uses social media to monitor brand perception and pay out automatically during a crisis.

The E-réputation product relies on a reputation score derived from semantic analysis on social networks.

The score tracks a brand's perception over time to identify significant deteriorations in a company's image. Payouts are triggered when the index detects a major reputational crisis.

"We are initially targeting the food industry, undoubtedly the most regularly affected," said Sophie Cure, head of crisis management at Hiscox's European hub.

"This solution has the potential to expand to other sectors, providing an immediate response in the event of a major reputational crisis."

The product was designed by analysing 166 brands' reputations over 11 years, including media alerts and major crises.

Fabienne Chapelain and Joran Chambolle, parametric specialists at Bessé, explained that the cover aims to provide a proactive response to crises as they occur.

"This tool is not just a safety net, it's a strategic aid for companies, allowing them to anticipate and bounce back effectively in the face of crises. In a world where everything happens at the speed of social networks, this reactivity makes all the difference."