Willis Launches Groundbreaking Carrier Benchmarking Tool for Clients ––The Willis Quality Index – Changing the Way Clients Choose Carriers––
London, UK, April 22, 2008 – Clients of Willis Group Holdings (NYSE: WSH), the global insurance broker, will now have access to the world’s first carrier benchmarking tool, the Willis Quality Index®. Aimed at helping clients make more informed insurance decisions, the new tool will rate and compare carriers on their performance in underwriting, policy administration, claims performance and service activities.
After two years in development and four carrier evaluation surveys gathering qualitative opinions from nearly 4,000 Willis Associates across the globe, the Willis Quality Index has been designed to help clients identify carriers that best meet their individual needs, on a risk-by-risk basis. The Willis Quality Index recognises that a client’s needs and priorities may vary by risk profile and therefore compares only carriers within a specific sector, under the guidance of accredited Willis Client Advocates® and Account Executives.
Commenting on the launch of the Willis Quality Index, Joe Plumeri, Chairman and CEO of Willis, said: "The Willis Quality Index is the ultimate buyer’s guide. It cuts through all the pre-conceived notions of buying the cheapest insurance deal and helps clients select the best partners based on superior performance. By working in partnership with carriers, sharing information from the Willis Quality Index relevant to them, we can together help raise industry standards."
Carriers are evaluated and assigned stars that are based on their relative performance compared to other carriers in each business sector. Carriers scoring in the top 10% of the range of scores in each sector are assigned five stars; those with scores in the bottom 10% receive one star.
Willis has been sharing the draft findings with major carrier groups over the past year. From their latest Spring 2008 Willis Quality Index carrier survey, Willis found evidence that carriers across all parts of the business had scored, on average, better than in their last survey, suggesting that carriers are recognising the increasing importance of quality service in a soft market.
A demo of the Willis Quality Index will be exhibited at the Willis booth during next week’s Risk & Insurance Management Society (RIMS) conference in San Diego.
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. Willis has more than 300 offices in some 100 countries, with a global team of approximately 16,000 Associates serving clients in some 190 countries. Additional information on Willis may be found at www.willis.com.