US-based professional services firm Towers Watson has acquired stake in India’s Metis Insurance, marking its formal entry into the employee benefits brokerage space in the country.
As part of the deal, Metis name would be changed to Towers Watson Insurance Brokers India and will be led by Metis Insurance founder Sudesh Shetty.
Towers Watson Asia Pacific Benefits managing director Andrew Heard said: "As businesses grow more global and borders become easier to traverse, individual and fragmented employee benefit plans in each market no longer make financial or long-term strategic sense.
"This expansion will allow us to provide seamlessly integrated design, execution and management of employee benefit programs to multinational organisations."
Towers Watson Insurance Brokers India will provide services, including the design, implementation, financing and on-going management of health, disability and other insured benefits.
The acquisition is part of Towers Watson’s initiative to provide integrated global benefit solutions for multinational clients, as well as to serve the needs of local organizations.
Towers Watson Insurance Brokers India CEO Sudesh Shetty said: "For instance, a recent Towers Watson survey showed that, at 11.4%, Indian employers experienced one of the highest medical cost growth rates globally."
With around 15,000 associates across the globe, Towers Watson provides professional services in the areas of employee benefits, talent management, rewards, and risk and capital management.
Image: Towers Watson office building at 28411 Northwestern Highway, Southfield, Michigan. Photo: courtesy of Cmadler.