Willis Group Holdings said today that it is among one of the first brokers to officially receive a license in Saudi Arabia from the Saudi Arabian Monetary Agency. The operation will be named Willis Saudi Arabia.
Willis said it already serves many clients through the offices of Arabian International Management Company (AIMCO). Reinforcing its commitment to that market, Willis said it has taken a significant equity stake in AIMCO through its Dubai-based joint-venture, Al-Futtaim Willis, which will be renamed Willis Saudi Arabia.
The unit will be led by Murray McLachlan as general manager. Willis Saudi Arabia now boasts some 40 staff with offices in Riyadh, Jeddah and Al-Khobar.
Meanwhile, in London, Willis Chairman and Chief Executive Officer Joe Plumeri spoke during a lecture program at Lloyd's last week, the firm said. Mr. Plumeri encouraged the industry to find innovative ways to meet these new challenges.
He stressed the need for brokers and insurers to demonstrate what he termed their "value gap" to clients who today demand exceptional quality and best cost.
"Value is the gap between what clients can do for themselves and what we can do for them. As an industry we do not have great self-esteem, and as a result we don't get adequately compensated for the value we deliver," he said. "Our industry only gets paid for the placement of business and not all the invaluable advice and service that we provide clients throughout the entire process. What you put into that gap will differentiate your client offering."
He urged the industry not to try and give old answers to new questions like cyber risk, terrorism and climate change. One way to do this is to embrace technology for improved productivity. "I believe in enhancing technology, not instead of people, but on behalf of people," he said.
He said the industry needs to inject new blood in it and stop recycling people.
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