WTW operates in 140 countries and is a global leader in people, risk and capital management consulting. In Serbia, it focuses on risk management through insurance brokerage and the designing of employee benefit programmes
Identifying client needs and market specifics, and then developing products that will meet these needs, is the way WTW operates in the region. As a result, a new hotel insurance product has emerged.
Which of your services is in greatest demand in Serbia and which business areas are yet to grow?
Our company is one of the global leaders in people, risk and capital management consulting. At WTW we provide data driven and insight led solutions that makes our clients more resilient and their employees more engaged.
Our services in Serbia are focused on risk management through insurance brokerage, employee benefits programmes designing and advising on total employee compensation. Besides this, in the central and eastern Europe region we provide strategic HR consulting services, as well as advice to insurance companies, together with the innovative software solutions to improve their business.
For you from WTW, risk is not exclusively a bad thing, because you look at it through opportunities that need to be exploited. Is this exactly what allows your customers to make extra profit?
There are different definitions of risk, but we prefer the one according to which risk is the chance that an outcome or investment’s actual gains will differ from an expected outcome or return and which can be quantified by the standard deviation of a certain event. In other words, there is always the possibility that the realisation of an event can result in negative, but also positive effects. Our job is to use various techniques to reduce the likelihood of the occurrence and consequences of negative events for our clients, but also to increase the chances and effects of positive events.
Our job is to use various techniques to reduce the likelihood of the occurrence and consequences of negative events for our clients, but also to increase the chances and effects of positive events
Is your success, among other things, based on offering clients innovative solutions based both on global knowledge and the experience and knowledge of local opportunities?
We see this approach as our greatest comparative advantage. Recognising client needs and market specifics, and then developing products that will meet these needs, is our way of working in the region. One of the results of this approach is our new hotel insurance product, which includes property insurance, business interruption, general liability and directors and officer’s liability, which we developed in collaboration with the Generali Group and our colleagues from our headquarters in London. It is characterised by extremely high-quality insurance coverage with numerous extensions.
This product covers, for example, the consequences of terrorism, fraud and other malicious acts of hotel staff, damage to items entrusted to the hotel, the financial consequences of administrative closure of the hotel or loss of a location’s attractiveness, product liability (food and beverage), liability for organising excursions and recreational sports activities, but also responsibility for inappropriate advertising and other risks that are otherwise difficult to ensure. All this can now be ensured by applying the bespoken WTW global insurance wordings that are adapted to be compliant with local legal frameworks in all Central and Eastern European countries.