Willis Group Holdings announced that it is creating a new global Human Capital & Benefits (HCB) Practice to be led by Tim Wright, who will add this new role to his duties as CEO of Willis International.
“The practice will unite all the existing employee benefits and related consulting businesses across Willis 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,” Willis said.
“These 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. These businesses generated combined revenues of over $500 million in 2012. This change is effective immediately.”
Wright said: “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. 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 described the human capital and employee benefits sector as 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.”
Source: Willis Group Holdings plc