Towers Watson Global Access
Global Access is Towers Watson’s newly launched global benefit solution, which allows multinational employers to deliver local country benefit programmes.
The plan can include prepackaged life, accident, health and disability insurances with three, fixed, benchmark levels. Those levels are based on Towers Watson’s global data against general market practice data in each country (25th/50th/75th percentiles). Fixed or indicative pricing is provided by age group, allowing almost immediate quotes with little data. Enhanced underwriting and flexible underwriting features – such as guaranteed issue, or free cover limits and removal of pre-existing condition requirements – are included. The plan also offers renewable annual rates on a block or portfolio basis by country to minimise fluctuation.
Global Access is available in 32 countries and aims to give employers easy access to competitive benefit coverage solutions when customisation is not required. Very low minimum headcount is required of cover.
The plan has been developed with leading global insurers.
Comment: This is a very sophisticated solution that should help multinationals address a number of issues (including compliance and governance) in providing employee benefits for their workforce globally.
Plus points: Sophisticated solution that large firms can adopt globally, with the flexibility and options they need; Fast quotes with little data needed; Quick implementation; Avoids firms having to retain a local broker in each geography.
Not so plus points: Relatively limited market; Limited customisation; Not accessible to other intermediaries.
Website: http://www.towerswatson.com.
Rating (max 10): Innovation: 9. Overall: 8. Gold
Tags: Towers Watson; Other