Towers Watson enters employee benefits brokerage space

Company acquires stake in Metis Insurance which will now be known as Towers Watson Insurance Brokers India

Towers Watson, a leading global professional services company, on Wednesday announced it had acquired a stake in Metis Insurance, to now be known as Towers Watson Insurance Brokers India. This acquisition marks the formal entry of Towers Watson into the employee benefit brokerage space in the country.

This is a part of a company-wide initiative to provide integrated global benefit solutions for multinational clients, as well as to serve the needs of local organisations.

“As businesses grow more global and borders become easier to traverse, individual and fragmented employee benefit plans in each market no longer make financial or long-term strategic sense. There is a need for better governance and oversight from both a cost perspective and a regulation standpoint,” said Andrew Heard, managing director — Asia Pacific Benefits, Towers Watson.

The services provided by Towers Watson Insurance Brokers India will include the design, implementation, financing and on-going management of health, disability and other insured benefits.

The new business will be headed by Sudesh Shetty, the founder of Metis Insurance.

“With this partnership, we will capitalise on the synergies between employee benefits brokerage and wider corporate health and wellness consulting. Forward-looking and progressive employers understand that looking at brokerage by itself is not enough — to maximise value, the right employee benefits package should dovetail with an overarching and holistic health strategy,” added Vivek Nath, managing director, Towers Watson India.