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Willis Towers Watson (NASDAQ: WLTW) announced an enhancement to its Coverage Checkup tool, which helped retirees save a median of $345 during the 2020 Medicare open enrollment. The tool, launched in 2017, assists retirees in evaluating and selecting cost-effective Part D prescription drug plans. Of those using the tool, 35% switched plans, with a significant portion enrolling online. The company emphasizes the importance of annual evaluations of prescription drug plans to avoid overpaying for medications.
Willis Towers Watson reported a significant increase in U.S. commercial insurance prices in Q4 2020, with rates rising over 10%, marking the highest increase since the Commercial Lines Insurance Pricing Survey (CLIPS) began in 2003. The survey highlighted substantial price hikes in excess/umbrella and directors' and officers' liability insurance, while workers compensation saw a slight decline. Overall, loss ratios for 2020 are projected to be lower than 2019 across most lines, indicating positive trends for insurers despite some challenges.
Willis Towers Watson has released a paper titled “Financing Health Care in Retirement,” offering insights on the role of health savings accounts (HSAs) for employers and employees. The paper highlights the significant retirement health care costs, estimated between $140,000 to $190,000 over a retiree's lifetime, urging employers to assist employees in planning these expenses. It emphasizes the need for understanding Medicare-related costs and the tax advantages of HSAs, advocating for their inclusion in retirement savings plans as an essential component for financial wellness.
Willis Towers Watson (NASDAQ: WLTW) has approved a quarterly cash dividend of $0.71 per ordinary share for the quarter ended December 31, 2020. This dividend will be payable on or around April 15, 2021 to shareholders of record as of the close of business on March 31, 2021. The company continues to solidify its role as a leader in global advisory, broking, and solutions, with a workforce of 46,000 employees serving over 140 countries.
Willis Towers Watson (NASDAQ: WLTW) and Liberty Specialty Markets have launched Reputational Crisis Insurance, which helps organizations mitigate financial risks from reputational crises. This insurance product, developed through a partnership, includes AI-driven data analysis by Polecat Intelligence Limited and is available globally, targeting sectors like leisure, manufacturing, retail, and transportation.
Notably, it covers loss of gross profit after a crisis, distinguishing it from other products that only cover crisis communication fees.
According to the Global Pension Assets Study by Willis Towers Watson, global institutional pension fund assets in the 22 largest markets reached $52.5 trillion in 2020, an 11% increase. The U.S. remains the largest market, holding 62% of worldwide pension assets. The pension assets to GDP ratio rose to 80%, the largest increase since 1998. Notably, pension funds are shifting towards alternative assets, now comprising 26% of the P7 markets, while defined contribution plans dominate with 53% of total assets. The study highlights challenges in addressing varied stakeholder needs amidst these positive trends.
Willis Towers Watson (NASDAQ: WLTW) has announced the hiring of the entire team from Jobable, a Hong Kong-based human capital analytics firm. This acquisition strengthens WTW's expertise in data science and software development, enhancing its competitive edge in digital transformation for organizations. Richard Hanson, former CEO of Jobable, will join WTW as Global Head of Data Science for Talent & Rewards. The collaboration is expected to build on previous successes and leverage advanced technologies in WTW’s advisory services, ultimately benefiting clients worldwide.
