Willis has announced the global launch of its insurance placement system, WillPLACE. The online tool was designed to help the broker place its clients with the most appropriate insurers.
WillPLACE will let Willis gather data about the risk appetites of insurers around the world and import it to the Market Match tool. A proprietary algorithm will use this information to match specific risks with insurers.
Willis risk advisors then work with their clients to assign a variety of weightings to their priorities. The weightings for the final carrier selection may include factors such as price competitiveness, claims service and underwriting focus, among others. The client’s requests are then electronically matched with carrier data, resulting in a recommended match between client need and carrier appetite.
The broker launched WillPLACE as a pilot program in Italy a year ago. By the end of the first quarter of 2012, it will have rolled it out in 14 areas, including the U.S. and Canada. Once the rollout is complete, more than 70 percent of premium that Willis places into the insurance market will go through WillPLACE.
“This game-changing placement tool is central to Willis’ client-centric strategy and represents a dramatic innovation within our industry. WillPLACE in many ways represents the future of broking and a deeper, more collaborative relationship between Willis and its clients,” said Joe Plumeri, Willis chairman and CEO.
Some insurers will provide Willis with an additional fee on placements matched through the WillPLACE system. These insurers receive additional reporting and consultative services for that fee. Clients may direct Willis to opt out of this additional remuneration.
The WillPLACE tool includes information on all of the insurers with which Willis does business, regardless of whether or not the insurer purchases benchmarking and other data available through WillPLACE. This ensures that clients have full access to the complete range of high quality insurers offering placement to Willis around the world.
The existence of potential insurer remuneration under the WillPLACE system is fully disclosed to all Willis clients before coverage is bound.
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