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LONDON—Willis Group Holdings P.L.C. has launched its global insurance placement system.
The system, WillPLACE, uses a proprietary matching algorithm to correlate insurer risk appetites with specific client risks and matches clients with appropriate insurers.
“Willis risk advisers then work with their clients to assign a variety of weightings to their priorities,” Willis said in a Tuesday statement announcing the global launch. “These weightings for ultimate carrier selection may include such factors as price competitiveness, claims service and underwriting focus, among others. The client's requests are then electronically matched with carrier data, resulting in a recommended match between client need and carrier appetite.”
Willis launched WillPLACE as a pilot program in Italy a year ago. By the first quarter of next year, the placement program is slated to be rolled out in 14 areas, including the United States, the United Kingdom and Canada.
The London-based brokerage said once the rollout is complete, more than 70% of the premiums that Willis places will go through WillPLACE.
“In keeping with the Willis commitment to integrity and transparency, the existence of potential insurer remuneration under the WillPLACE system is fully disclosed to all Willis clients prior to the binding of any coverage,” Willis said in its announcement.
Both Marsh Inc. and Aon Corp. have launched placement systems matching insurer risk appetites with client needs in recent years.