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Willis North America sets up new private insurance exchange

Willis North America has set up a new private insurance exchange, the Willis Advantage, which will help organizations design and implement client-centric private exchange solutions.

Combining robust private exchange capabilities focused on rewarding healthy lifestyles with Willis’ human capital expertise and consulting, the Willis Advantage addresses the underlying cost of health care.

As part of the private insurance exchange, a multi-year private exchange strategy will be developed by Willis’ Human Capital Practice consultants jointly with clients to meet each organization’s goals and benefits objectives.

Willis Human Capital Practice CEO Jim Blaney said according to recent data, between 5% – 20% of mid-market firms will move to private exchanges by 2017.

"Additionally, firms have indicated they want objective consulting when evaluating private exchange options," Blaney added.

Offering employers greater cost control and predictability through a defined contribution or fixed budget approach to benefits, the exchange platform provides employees with access to more benefit options, with clear decision-support tools.

The exchange platform through more targeted health management will also promote healthy living and wellness within an employer’s population.

Willis Human Capital Practice vice president Rob Harkins will lead the private exchange strategy and deployment.

The firm is a unit of Willis Group Holdings (WSH), the global risk advisor, insurance and reinsurance broker with more than 17,000 employees in over 400 offices.