New York, NY, June 21, 2006 – Reflecting its Client Advocacy approach to serve the best interests of the client, Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today that it will be launching The Willis Quality Indexsm, an initiative to benchmark insurance carriers from the perspective of servicing and supporting clients’ needs.
How quickly does the carrier produce evidence that there is coverage? How long does it take them, on average, to issue a policy? How does their ability to pay compare with their willingness to pay?
"We have a long established market security team that assesses the financial strength of insurance companies," said Richard Bucknall, Willis Vice Chairman who is leading this program. "While the quality of an insurance company’s balance sheet is a critical element in helping us determine the best market to meet our clients’ needs, the industry is changing and our role is not just about the placement process. Through this effort, we will be working very closely with our carrier partners for our clients’ benefit and to raise the industry’s collective standards."
The absolute need to obtain the right coverage at the right price with the right security will remain paramount. But with market consolidation, increased regulatory scrutiny, and the need for innovation in developing insurance solutions to increasingly complex risks, brokers and carriers alike have to deliver service and value to the insureds – not just the execution of a transaction.
The Willis Quality Index will consider areas including Carrier Performance, Responsiveness, Service and Ancillary Capabilities. It will include specific matrices connected to policy documentation, and claims processing and payment; plus consider a variety of aspects such as carriers' ability to respond to market trends and underwriting responsiveness.
"While the mechanics of the insurance market differ by geography, the industry is here to serve the client," Bucknall continued. “It does not matter which segment of the industry performs a specific task – physically issuing a policy or delivering the claims check. Through the Willis Quality Index, we will be looking to work in partnership with the carriers to raise everyone’s service levels."
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. With over 300 offices in more than 80 countries, its global team of 15,400 associates serves clients in some 180 countries. Additional information on Willis may be found on its web site: www.willis.com.
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