Towers Watson, a global professional services company, has established a benefits brokerage operation, Towers Watson Insurance Brokers Singapore, in Singapore.
This is part of a company-wide initiative to provide integrated global benefit solutions for multinational clients as well as serve the needs of local Singapore-based organisations.
"Our clients are increasingly looking for solutions that have both global consistency and local relevance," said Andrew Heard, Managing Director — Asia Pacific Benefits, Towers Watson. "As businesses grow more global and borders easier to transverse, individual and fragmented benefit plans in each market no longer make financial or long-term strategic sense. There is a need for better governance and oversight from both a cost perspective and a regulation standpoint. This expansion will allow us to provide seamlessly integrated design, execution and management of benefit programs to multinational organisations."
Towers Watson Insurance Brokers Singapore will be integrated into the company’s existing Benefits segment, and will include the design, implementation, financing and on-going management of health, disability and other insured benefits. The new service offering will be headed by Grace Fong, Practice Leader, Health & Group Benefits, Towers Watson Insurance Brokers Singapore Pte. Ltd.
"Grace brings a wealth of experience and she will be able to add tremendous value to clients in this exciting new space," added Heard. "Our team understands that simply providing brokerage is not enough. Health and well-being play a crucial role in an organisation — contributing to the bottom line through the productivity of its employees and to the organisation’s very DNA as an employer of choice.
Heard continued: "Forward-looking employers are looking for the right benefits package to dovetail with an overarching and holistic health strategy. Particularly today, as we live and work in an environment of spiralling medical costs and looming health risks — including stress, sedentary lifestyles and poor nutrition — it has never been more important for employers to focus on these issues as a core business objective and provide employees with benefits they truly value."