Willis North America, a unit of Willis Group Holdings, the global risk advisor, insurance and reinsurance broker, announced today its launch of The Willis Advantage, a private insurance exchange.
The Willis Advantage helps organizations design and implement client-centric private exchange solutions that help to address the underlying cost of health care by focusing on and rewarding healthy behavior.
As part of The Willis Advantage, Willis' Human Capital Practice consultants partner with clients to develop a multi-year private exchange strategy that meets each organization's goals and benefits objectives. The multi-year strategy and private exchange offering is customized to each employer's unique goals and objectives.
The Willis Advantage exchange platform gives employers greater cost control and predictability through a defined contribution - or fixed budget - approach to benefits while employees get access to more benefit options, with clear decision-support tools, so they understand their choices and can take greater responsibility for their benefits. In addition, the health outcomes component of The Willis Advantage promotes healthy living and wellness within an employer's population through more targeted health management.
As part of Willis' commitment to the private exchange initiative, Willis has appointed Rob Harkins, Vice President, Willis Human Capital Practice to lead Willis' Private Exchange Strategy and deployment. Mr. Harkins brings over 30 years of experience to this role and previously served as Vice President, Extend Health, the nation's largest private exchange recently purchased by Towers Watson.
Commenting on Willis Advantage, Jim Blaney, CEO, Willis Human Capital Practice said, "Willis has been evaluating the opportunity in this space since early 2012 and we believe that the private exchange solutions in the market today have done little to address the underlying costs of health care. Employers have varying degrees of interest in the private exchange concept. Therefore we want Willis to be in the best position to assist employers in transitioning to a defined contribution exchange environment at a pace that makes sense for them and their employees.
"Recent data indicates between 5% - 20% of mid-market firms will move to private exchanges by 2017. Additionally, firms have indicated they want objective consulting when evaluating private exchange options. Willis is proud to offer organizations this comprehensive end-to-end solution," Mr. Blaney added.