Towers Watson has acquired a stake in Metis Insurance, which will now be known as Towers Watson Insurance Brokers India Private. This acquisition marks the formal entry of Towers Watson into the employee benefits brokerage space in the country.

 

“Our clients are increasingly looking for solutions that have both global consistency and local relevance,” said Andrew Heard, managing director, Asia-Pacific benefits, Towers Watson. “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. This expansion will allow us to provide seamlessly integrated design, execution and management of employee benefit programmes to multinational organizations.”

 

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.

 

“This partnership will focus on what our clients need in India today,” said Sudesh Shetty, CEO, Towers Watson Insurance Brokers India. “A recent Towers Watson survey showed that, at 11.4%, 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.”

 

Vivek Nath, managing director, Towers Watson India. “With this partnership, we will capitalize 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 maximize value, the right employee benefits package should dovetail with an overarching and holistic health strategy. Sudesh’s wealth of experience in the India market makes him well suited to navigate our clients through this exciting new space.”