by Travis Johnson, Stock Gumshoe | September 17, 2013 3:05 pm
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My dad is a Willis employee and this is what he had to say:
This is a pretty accurate analysis of what Willis has been doing since naming a new CEO. Internally, there is a different focus on how to do business and it appears to be successful (so far).
He says that the International market is expected to grow. I agree that this is possible and Willis is a BIG International player in the world of brokers.
Also stated is the fact that their strongest competitors (Marsh & Aon) are more concentrated on their income being produced by fees while Willis focuses more on premiums. The negative is that premiums tend to go up and down as the insurance marketplace experiences catastrophe losses or drops in investment interest while fees usually remain fairly static. That could have a dramatic year to year affect in the balance sheet.
Willis has been growing over the past few years and one reason is that they stared to push employees to try “Cross Selling”. That means bringing all of the Willis expertise, such as Casualty/Property people, Human Resources ( Employee Benefits), the International Group and the Reinsurance people into the conversations with clients and prospects. It’s been pretty successful , in my opinion, because of the personal relationships people have that allows them to easily bring these experts in.
The Willis Reinsurance Group is recognized as one of the best source for insurance companies and other brokers to purchase coverage. This operation has really experienced tremendous growth.
–MJ
Thanks MJ, excellent perspective.