Willis Towers - WTW STOCK NEWS

WTW's 2024 Best Practices in Healthcare Survey reveals that U.S. employers project healthcare costs to increase by 7.7% in 2025, up from 6.9% in 2024 and 6.5% in 2023. To address this post-pandemic high, employers are focusing on cost-effective plan designs and employee wellbeing rather than traditional cost-shifting strategies.

Key findings include:

• 52% plan to implement programs reducing total costs
• 51% intend to adopt strategies steering to lower-cost, higher-quality providers
• Only 34% expect to shift costs to employees through premium contributions
• 54% are exploring navigation technology for provider price and quality information

Employers are also prioritizing obesity management, cancer care, cardiovascular health, and women's health. The survey highlights interest in AI applications for navigation solutions (64%) and communication (58%) in health benefits.

WTW (NASDAQ: WTW) has announced the launch of a new China Client Division within Corporate Risk and Broking, North America (CRB NA). This division is part of the broader Asia Risk Division, established in December 2023, which includes country-specific teams for Japan, South Korea, India, and China. The new division aims to address the unique cultural and economic dynamics of each country and their approaches to risk management.

Jie Yan has been appointed as the China Client Division Leader, effective September 1, 2024. With over a decade of industry experience, Yan brings expertise and cultural understanding of the Chinese market. Christopher Condello, Head of the Asia Risk Division within CRB NA, will oversee this strategic expansion, focusing on delivering tailored solutions for Chinese clients with operations in North America.

WTW's 2024 Pay Transparency Survey reveals that most North American companies are increasing pay transparency due to global regulatory requirements. Key findings include:

- 74% communicate job levels, 58% share variable pay opportunities, and 65% explain base pay determination
- 75% share hiring rates/ranges with external candidates, 69% with internal candidates
- 86% of U.S. and 58% of Canadian companies communicate pay info across entire regions
- 73% cite regulatory requirements as the main driver for increased transparency

Employers anticipate more questions about compensation from employees (72%) and managers (71%), as well as increased pay negotiations (57%). To assess impact, 56% of companies are establishing metrics, focusing on employee retention (40%) and questions received (37%).

WTW (NASDAQ: WTW) has expanded its Radar software to enable real-time Python execution for insurance pricing, underwriting, and claims. This enhancement allows insurers to leverage Python's flexibility for real-time decision-making in a secure, well-governed environment. The new feature supports deployment of AI and machine learning models, including on unstructured data, and facilitates rapid market deployment of business rule changes.

Key benefits include:

• Low latency, high volume processing for critical decisions
• Seamless collaboration between pricing, underwriting, and data science teams
• Compliance with security and governance requirements
• Support for insurance-specific needs like historic models for policy adjustments

WTW (NASDAQ: WTW) has launched Indigo Vault, a pioneering document protection platform offering advanced cybersecurity for sensitive business files. This cloud and local document management system safeguards against insider threats, AI system exposure, and cyber theft. Utilizing WTW-patented, end-to-end quantum resistant security, Indigo Vault allows precise control over document access, usage, and storage.

The platform employs NIST-certified algorithms resistant to quantum computer attacks, ensuring regulatory compliance (e.g., GDPR). It addresses the growing risks of data breaches and inadvertent internal data leaks, especially as companies adopt AI systems. Sean Plankey, Global Leader of Cybersecurity Software at WTW, emphasizes the importance of robust security measures to protect valuable intangible assets and maintain trust.

WTW (NASDAQ: WTW) has launched a groundbreaking flexible benefits service that allows employees to allocate employer contributions across various financial benefits. This innovative program, following an IRS Private Letter Ruling, enables participants to direct funds to Defined Contribution (DC) plans, student loan repayments, retiree health reimbursement arrangements (HRA), and health savings accounts (HSA).

The solution addresses diverse financial concerns of employees, offering more choice and flexibility. WTW's DC Strategy team supports employers in implementing this program, focusing on feasibility, cost implications, vendor alignment, and regulatory compliance. The launch comes as WTW's 2024 Global Benefits Attitudes Survey reveals that 77% of employees with benefits choice feel their needs are met, compared to only 37% without choice.

This flexible contribution approach aims to support employee financial wellbeing, addressing concerns highlighted in the survey where 90% of workers struggle with basic living costs. The program is designed to be incorporated into existing benefits programs, offering a competitive advantage for employers in attracting and retaining talent.

WTW (NASDAQ: WTW) has appointed Colin Dutkiewicz as Senior Director to its Insurance Consulting and Technology (ICT) business. Based in London, Dutkiewicz will leverage his 30+ years of experience in the life re/insurance industry to expand WTW's capital advisory business. He joins from Aon, where he was Global Head of Life for Reinsurance Solutions, and previously served as Global Actuary at Swiss Re.

Tammy Richardson, Managing Director at WTW, highlighted Dutkiewicz's leadership experience and industry knowledge as key assets for strengthening the company's global transaction and capital advisory capabilities. Dutkiewicz expressed enthusiasm about joining WTW and contributing to the ICT business's success.

WTW's Commercial Lines Insurance Pricing Survey (CLIPS) for Q2 2024 reveals U.S. commercial insurance rates increased by 5.9%, down from 6.3% in Q1 2024 and 6.1% in Q2 2023. The slowdown is primarily due to a significant reduction in Commercial Property price increases, suggesting market stabilization in this sector. Large Account Commercial segment saw notable adjustments, while other market segments remained relatively stable.

Workers' Compensation, Directors and Officers, and Cyber insurance maintained consistent pricing patterns. However, Commercial Auto and Excess Umbrella lines continue to face upward pressure due to high loss cost trends. Yi Jing, Senior Director at WTW, noted that these results highlight the shifting dynamics within the commercial insurance market.

WTW (NASDAQ: WTW) has partnered with Kayna to enhance its Affinity Insurance offerings for SMEs in the UK and US. This collaboration aims to deliver innovative insurance solutions through Vertical Software-as-a-Service (vSaaS) platforms in specific industries like construction, legal, salon/spa, fitness, and field service sectors.

The partnership will enable WTW to distribute various insurance products, including property, general liability, and workers' compensation, through industry-specific vSaaS platforms. By leveraging platform data, the initiative seeks to provide tailored insurance solutions directly to SMEs, streamlining the process and potentially driving top-line growth for vSaaS providers.

Key features of the partnership include Kayna's technology empowering WTW-brokered products, low-code end-to-end orchestration, and real-time alerts on coverage exposure based on dynamic business changes. SME customers will have comprehensive access to manage their insurance policy portfolios through the WTW platform.