Brokerage creates new division to boost market share

Brokerage creates new division to boost market share | Insurance Business

Brokerage creates new division to boost market share
Willis Group Holdings is creating a new global Human Capital & Benefits (HCB) Practice which will bring together its existing employee benefits and related consulting businesses across Willis.

The new division will be led by Tim Wright, who will add this group role to his duties as CEO of Willis International, which includes Australasia.
The businesses comprise pensions and retirement planning, healthcare, group risk and life cover. They also include a range of consultative services such as compliance, data analytics, communications, wellness and human resource consulting.

The Human Capital business in Willis North America and the Employee Benefits businesses across Willis International will continue to report to their individual geographies but will also become part of the global HCB Practice.

The new division aims to develop and execute a coordinated global strategy aimed at delivering the very best of Willis to our clients, and increasing its share of this large and growing market.

“The new practice will allow us to create a sense of identity and community among our human capital and employee benefits teams around the world,” Wright said. “It will enable us to agree growth priorities, both organically and inorganically, and leverage capabilities and best practices across the Group for the benefit of our clients. The HCB practice will work closely with the geographic businesses, together with the newly-formed global industry and product practices.”

Willis Group CEO Dominic Casserley added: “The human capital and employee benefits sector is a compelling long-term growth prospect across the world. These are high-growth, differentiated markets driven by changes in demographics, healthcare and social policy. Human Capital and Benefits are already an important area for Willis but we want to create a stronger and sharper focus to extend our reach in this space.”

Last week Insurance Business reported that Aon Risk Solutions in Australia integrated its existing financial businesses.