New Delhi: Leading global professional services company Towers Watson has forayed into the employee benefits brokerage space in the country with the acquisition of a stake in Metis Insurance.
With this acquisition, Metis Insurance would now be known as Towers Watson Insurance Brokers India Private Limited, the company said today.
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.
This acquisition is 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, the company said.
The new business will be headed by Sudesh Shetty, the founder of Metis Insurance.
Metis Insurance Brokers Private Limited was an IRDA licenced Direct Insurance Broker that specialised in providing solutions in the Employee Benefits arena (mainly health, disability, life and overseas travel) to corporates.
“This acquisition marks the formal entry of Towers Watson into the employee benefits brokerage space in the country, and is 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,” the company said.
“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,” Towers Watson Managing Director — Asia Pacific Benefits Andrew Heard said.
Heard further said that “this expansion will allow us to provide seamlessly integrated design, execution and management of employee benefit programmes to multinational organisations”.
“This partnership will focus on what our clients need in India today,” Shetty, the Towers Watson Insurance Brokers India CEO said.
According to a recent Towers Watson survey, at 11.4 percent, Indian employers experienced one of the highest medical cost growth rates globally.
“While soaring general inflation accounts for some of the medical trend rate, it is still alarmingly high, and we are keen to work with clients to devise innovative solutions to help manage these costs,” Shetty said.
Commenting on the said acquisition, Towers Watson India Managing Director Vivek Nath said: “With this partnership, we will capitalise on the synergies between employee benefits brokerage and wider corporate health and wellness consulting”.