Willis will rate insurance carriers on service

Willis Group Holdings (NYSE: WSH), a global insurance broker, has launched The Willis Quality Index, an initiative to benchmark insurance carriers from the perspective of servicing and supporting clients’ needs. The Willis Quality Index provides information on such things as: how quickly the carrier produces evidence of coverage the average length of time it takes carriers to issue a policy comparisons between the carrier’s ability to pay and its willingness to pay. “We have a long established market security team that assesses the financial strength of insurance companies,” Willis vice chair Richard Bucknall said in a press release. “While the quality of an insurance company’s balance sheet is a critical element in helping us determine the best market to meet our clients’ needs, the industry is changing and our role is not just about the placement process. “Through this effort, we will be working very closely with our carrier partners for our clients’ benefit and to raise the industry’s collective standards.” Willis says “the absolute need to obtain the right coverage at the right price with the right security will remain paramount.” The Willis Quality Index will include specific matrices connected to policy documentation, and claims processing and payment. It will also consider a variety of aspects such as carriers’ ability to respond to market trends and underwriting responsiveness. “While the mechanics of the insurance market differ by geography, the industry is here to serve the client,” Bucknall continued. “It does not matter which segment of the industry performs a specific task physically issuing a policy or delivering the claims check.”Through the Willis Quality Index, we will be looking to work in partnership with the carriers to raise everyone’s service levels.”