Willis Group Champions Call for Transparency at European Commission Public Hearing
Embracing changes to the global insurance broking industry,
challenging assumptions and breaking molds, Willis Group Holdings
(NYSE:WSH) continued its outspoken leadership on transparency -
actively disclosing fees to clients and encouraging other brokers to
follow suit. As a reflection of its industry-leading position on this
issue, Willis was the only global broker invited to share its
experience of transparency at a public hearing in Brussels today on
business insurance that was hosted by the European Commission (EC).
At today's public panel discussions, the EC presented the
preliminary findings of a Europe-wide Sector Inquiry into
competition in member states in relation to business insurance.
Speaking on behalf of Willis, Richard Bucknall, Vice Chairman,
reiterated the Group's continued commitment to transparency citing it
as a fundamental component to the broker-client relationship. "In
representing our clients, we subscribe to the very simple view that
they should know what we earn in exchange for the services and value
we deliver, and that applies to all clients, small, medium and large,"
Bucknall said. He went on to say, "Brokers who ignore their clients'
best interests do so at their own peril."
In conclusion, Bucknall said that while implementing transparency
may have been something of a challenge given the vast number of
changes needed - and the need for people to change the way they think
- the benefits have created a more open and professional partnership
between Willis and its clients.
Willis Group Holdings Limited is a leading global insurance
broker, developing and delivering professional insurance, reinsurance,
risk management, financial and human resource consulting and actuarial
services to corporations, public entities and institutions around the
world. With over 300 offices in more than 100 countries, its global
team of 15,400 Employees and Associates serves clients in some 190
countries. Willis is publicly traded on the New York Stock Exchange
(NYSE: WSH). Additional information on Willis may be found on its web
site: www.willis.com.