Insurance broker Willis Group Holdings has launched its new online insurance placement tool, WillPLACE, which assists the company in matching the insurance needs of its global clients with the appropriate insurers.
With the new tool, the company’s placement professionals are gathering data regarding the risk appetites of insurers around the world and importing into the WillPLACE Market Match tool.
The information is then correlated online using a proprietary matching algorithm with the WillPLACE database that records the specific risks of the clients and then matches with the appropriate insurer’s variety of weightings to their priorities.
According to Willis, these weightings for ultimate carrier selection may include factors such as price competitiveness, claims service and underwriting focus, among others.
The requests of the client are then electronically matched with carrier data, resulting in a recommended match between client need and carrier appetite.
Willis chairman and CEO Joe Plumeri said this game-changing placement tool is central to Willis’ client-centric strategy and represents a dramatic innovation within their industry.
Launched as a pilot program in Italy last year, the tool will be launched across 14 key areas, including the UK, US and Canada, Willis Specialty operations, and key locations in Latin America and Europe including Brazil, Argentina and Germany, by the end of first quarter of 2012.
After the launch of tool through all the key locations, the 70% premiums of the Willis will go through WillPLACE.