Profile: Willis Towers Watson PLC (WLTW.OQ)
15 Feb 2019
Willis Towers Watson Public Limited Company (Willis Towers Watson), incorporated on September 24, 2009, is a holding company. The Company operates as a global advisory, broking and solutions company. It is engaged in offering risk management, insurance broking, consulting, technology and solutions, and private exchanges. The Company operates through eight segments: Willis International; Willis North America; Willis Capital, Wholesale & Reinsurance (CWR); Willis GB; Towers Watson Benefits; Towers Watson Exchange Solutions; Towers Watson Risk and Financial Services, and Towers Watson Talent and Rewards.
As a risk advisor and insurance broker, the Company acts as an intermediary between its clients and insurance carriers by advising its clients on their risk management requirements, helping clients determine the means of managing risk, and negotiating and placing insurance with insurance carriers through its global distribution network. It also offers clients a range of services to help them to identify and control their risks. These services range from strategic risk consulting (including providing actuarial analysis), to a range of due diligence services, to the provision of practical on-site risk control services (such as health and safety or property loss control consulting), as well as analytical and advisory services (such as hazard modeling and reinsurance optimization studies). Willis Towers Watson assists clients in planning how to manage incidents or crises when they occur. These services include contingency planning, security audits and product tampering plans. As a group employee benefits advisor, it provides various options on a global basis for national, regional and global clients to meet their needs for consistency across jurisdictions.
Willis GB Segment
Willis GB, the Company's Great Britain-based insurance operations, combines its global specialty and the United Kingdom retail businesses to create a client proposition, which comprises four business units: Property and Casualty, Transport, Financial Lines and Retail Networks. Its Willis GB business provides specialist brokerage and consulting services to clients across the world for the risks arising from specific industrial and commercial activities. Its Property and Casualty business provides property and liability insurance brokerage services across a range of industries, including natural resources and construction. The Inspace team provides insurance and risk management services to the space industry. Its Financial business specializes in political and credit risk, structured finance, project risk consulting, trade credit, directors and officers, cyber, warranties and indemnities, and terrorism insurance, as well as professional indemnity for corporations, financial institutions and professional firms on a global basis. Its United Kingdom retail operations provide risk management, insurance brokerage and related risk services to an array of industry and client segments in the United Kingdom middle market.
The Company's Transport business unit provides consultation to the transportation industry served by aerospace, marine and inspace practices. Its aerospace business provides insurance brokerage and risk management services to aerospace clients, including the airlines, aircraft manufacturers, air cargo handlers and shippers, airport managers and other general aviation companies. Its marine business provides insurance brokerage services, including hull, cargo, protection and indemnity insurance (P&I), and general marine liabilities. Its marine clients include ship owners, ship builders, logistics operations, port authorities, traders and shippers.
Willis Capital, Wholesale and Reinsurance Segment
Willis Capital Wholesale and Reinsurance segment includes Willis Re; Willis Capital Markets & Advisory; Willis' wholesale business, and Willis Portfolio Underwriting Services, its US MGA business and start up London MGA business. The Company operates this business on a global basis and provide a complete range of transactional capabilities, including, in conjunction with Willis Capital Markets & Advisory, a range of capital markets based products to both insurance and reinsurance companies. Willis Wholesale includes Miller Insurance Services LLP (including Special Contingency Risks (SCR), (Miller)). It also includes Fine Art, Jewelry & Specie (FAJS) and Hughes-Gibb (HG). Willis Portfolio and Underwriting Services (WPUS), with operations in London and North America, brings together the Company's existing set of Managing General Agent underwriting activities. Willis Capital Markets & Advisory provides advice to companies involved in the insurance and reinsurance industry on an array of merger and acquisition transactions, as well as capital markets products, including acting as underwriter or agent for primary issuances, operating a secondary insurance-linked securities trading desk, and engaging in general capital markets and strategic advisory work.
Willis North America Segment
Willis Towers Watson's North America business provides risk management, insurance brokerage, related risk services, and employee benefits brokerage and consulting to an array of industry and client segments in the United States and Canada. In addition to being organized geographically and by specialty, its North America business focuses on four client segments: global, large national/middle-market, small commercial and private client. Willis Human Capital, integrated into the North America platform, is the Company's product-based practice group, and provides health, welfare and human resources consulting, and brokerage services to all of its commercial client segments.
Willis International Segment
The Company's International business comprises its operations in Western Europe, Central and Eastern Europe, Asia, Australasia, the Middle East, South Africa and Latin America. The services provided are focused according to the characteristics of each market and vary across offices, but include direct risk management and insurance brokerage, specialist and reinsurance brokerage, and employee benefits consulting.
Towers Watson Benefits Segment
The lines of business within the Towers Watson Benefits segment are Retirement, Health and Group Benefits, Technology and Administration Solutions, and International Consulting. The Towers Watson Benefits segment of business work together on client assignments, along with consultants from the Talent and Rewards, and Risk and Financial Services segments. The client assignments include mergers and acquisitions (M&A), total reward program design, retiree benefit strategy, benefit program de-risking, benefits administration and benefit-related communication and change management.
The Company provides actuarial and consulting services for defined benefit and defined contribution plans, including consulting on plan design, funding and risk management strategies. Health and Group Benefits provides plan management consulting across the full spectrum of health and group benefit programs, including health, dental, disability, life and other coverage. Its Technology and Administration Solutions (TAS) line of business provides benefits outsourcing services to various clients across multiple industries. It provides consulting in dealing with international human capital management, as well as related benefits and compensation advice.
Towers Watson Exchange Solutions Segment
The Towers Watson Exchange Solutions segment includes two lines of business: Retiree & Access Exchanges, and Other. The Retiree & Access Exchanges line of business provides solutions through a technology platform, which integrates call routing technology, quoting and an enrollment engine, a custom-developed customer relationship management (CRM) system and insurance carrier connectivity. The Other business comprises three practices: active exchanges, health and welfare administration, and consumer-directed accounts.
Towers Watson Risk and Financial Services Segment
The Towers Watson Risk and Financial Services (RFS) segment includes two lines of business: Risk Consulting and Software, and Investment. The Company's Risk Consulting and Software line of business serves the insurance industry, as well as corporate clients with respect to their insurance and risk management needs. Its Investment line of business helps its clients manage investment complexity, establish their risk tolerance and manage governance. It provides coordinated investment advice and solutions.
Towers Watson Talent and Rewards Segment
The Towers Watson Talent and Rewards segment includes three lines of business: Executive Compensation; Rewards, Talent and Communication, and Data, Surveys and Technology. Its Executive Compensation services include executive compensation philosophy and strategy development, modeling and valuation of pay plan elements, performance measurement selection and calibration, board of director compensation and plan design, advice on change-in-control and severance programs, and total compensation assessment and benchmarking. The Rewards, Talent and Communication line of business offers an array of advisory services focused on designing and implementing Rewards and Talent Management programs and processes. The Data, Surveys and Technology line of business provides benchmarking data, employee surveys and human resource (HR) software.
The Company competes with Accenture plc, Aon plc, Arthur J. Gallagher & Co., Brown & Brown Inc., Cognizant Technology Solutions Corporation, Marsh & McLennan Companies, Inc., Robert Half International Inc., Milliman, SunGard. Aon, Xerox, United Healthcare, Automatic Data Processing, Fidelity, WageWorks and HealthEquity.
Willis Towers Watson PLC
51 Lime Street
LONDON EC3M 7DQ