Willis launches quality index

Willis has launched an insurance buyer’s guide, the Willis Quality Index.

The broker said the index benchmarks carriers on their performance in underwriting, policy administration, claims and service activities.

Joe Plumeri, chairman and chief executive officer of Willis Group Holdings, commented: “Willis is committed to placing its clients’ business with those carriers who best meet their needs. The Willis Quality Index has been designed to enhance both our and our clients’ ability to make more informed decisions.”

The broker said, in phase one of the project, the global insurance broker will share the Willis Quality Index reports with insurers to help raise industry standards. During phase two, in early 2008, Willis Quality Index benchmarking data will be shared with clients to help them in their market selection.

The qualitative data used in the index was captured by surveys. In July 2007, the survey was completed by over 2,700 Willis employees. Willis said the key findings from the survey included:

“For too long now, clients have been basing their insurance decisions on ‘price and prejudice’ – who’s going to give me the best deal and who do I like doing business with? The Willis Quality Index will help our clients take the guesswork out of selecting carriers. We will customize the Index based on our clients’ individual priorities and will identify those carriers that best meet their needs on a risk by risk basis.

Joe Plumeri, chairman and chief executive officer of Willis Group Holdings

• Insurers performed best in underwriting and claims, while the poorest performance was in the area of policy administration, which is particularly surprising in the UK where this category is subject to intense regulatory interest.

• Specialist carriers are perceived as offering a superior level of all-round service to Willis and its clients as opposed to carriers with more general product lines.

• There is evidence of a huge variation in the service experienced by region. Employees in North America indicate more favourable views of their markets than other Willis retail offices worldwide.

Plumeri said: “For too long now, clients have been basing their insurance decisions on ‘price and prejudice’ – who’s going to give me the best deal and who do I like doing business with? The Willis Quality Index will help our clients take the guesswork out of selecting carriers. We will customize the Index based on our clients’ individual priorities and will identify those carriers that best meet their needs on a risk by risk basis.”

He continued, “In a competitive market it is ever more important for assureds and reassureds to select partners based on superior performance and financial strength. The Willis Quality Index will help us to do this.”