China Insurance Regulatory Commission in Shanghai Assigns Global BrokerTop Rating in Quality Review for the Second Year Running
Willis Group Holdings (NYSE: WSH), the global insurance broker, announced today that it has once again received the top five-star rating in the China Insurance Regulatory Commission’s (CIRC) review of the quality of licensed insurance brokers operating in Shanghai in 2008.
Of the 70 brokers assessed by the CIRC, only 15 were awarded five stars, with Willis achieving the highest number of points and first place overall. This is the second year in a row that Willis China has been awarded the top five-star rating.
The CIRC evaluated intermediaries in a 360° process that included peer review by insurance companies, clients and other brokers, in addition to the CIRC’s own assessment. Based on this input, companies were then awarded points on their management, integrity, service delivery, quality of work, premium processing and value-added services, including claims.
Mitchell Ma, CEO, Willis China, said, “We are proud to be recognised for delivering consistently outstanding service to our clients. This award is a testament to the quality of our people and the dedication they show in providing our clients with the best service available. It also reflects our successful investments in broking technology and in the establishment of an operations centre in Shanghai, both of which have driven increased back-office efficiency while freeing up our client-facing staff to focus even more of their time and energy on clients.”
In 2004, Willis purchased a 50 percent equity stake in Shanghai Pudong Insurance Brokers Ltd., a leading Chinese insurance broker. In 2005, Willis increased its stake in the Willis Pudong Insurance Brokers Ltd joint venture to 51 percent, making it the first foreign-controlled broker in China. In 2007, the company name became Willis Insurance Brokers Co. With its extensive network of 20 licensed offices throughout the country and more than 225 Associates, Willis has the largest local network and workforce of all the global brokers in China.
