Tool will rate and compare carriers on performance
Willis clients now have access to the world’s first carrier benchmarking tool, the Willis Quality Index®.
The new tool is aimed at helping clients make more informed insurance decisions, and will rate and compare carriers on their performance in underwriting, policy administration, claims performance and service activities.
After two years in development and four carrier evaluation surveys gathering qualitative opinions from nearly 4,000 Willis Associates across the globe, the Willis Quality Index has been designed to help clients identify carriers that best meet their individual needs, on a risk-by-risk basis.
The Willis Quality Index recognises that a client’s needs and priorities may vary by risk profile and therefore compares only carriers within a specific sector, under the guidance of accredited Willis Client Advocates® and account executives.
Joe Plumeri, chairman and CEO of Willis, said: “The Willis Quality Index is the ultimate buyer’s guide. It cuts through all the pre-conceived notions of buying the cheapest insurance deal and helps clients select the best partners based on superior performance.
"By working in partnership with carriers, sharing information from the Willis Quality Index relevant to them, we can together help raise industry standards.”
Carriers are evaluated and assigned stars that are based on their relative performance compared to other carriers in each business sector. Carriers scoring in the top 10% of the range of scores in each sector are assigned five stars; those with scores in the bottom 10% receive one star.
Willis has been sharing the draft findings with major carrier groups over the past year. From their latest Spring 2008 Willis Quality Index carrier survey, Willis found evidence that carriers across all parts of the business had scored, on average, better than in their last survey, suggesting that carriers are recognising the increasing importance of quality service in a soft market.
