WTW Risk Management Services 2024 PDF

W T W VA LU E P RO P OS I T I O N Risk Management Services 2024 wtwco.com 2 WTW Risk Management Value Proposition Introduction to WTW Critical insurance purchasing conside...

W T W VA LU E P RO P OS I T I O N Risk Management Services 2024 wtwco.com 2 WTW Risk Management Value Proposition Introduction to WTW Critical insurance purchasing considerations Today’s risk environment is continually evolving and the challenges facing businesses are larger and more diverse than ever before; Insurance policies are among the largest commercial contracts many companies enter into. Their size and complexity alone means that they demand regular scrutiny to ensure that cover is specifically tailored to our clients needs and “fit for purpose” and additionally represents good value; Insurance goes far beyond protecting and supporting a business in crisis. The right business insurance cover acts as a strategic enabler to pursue growth; It is essential that you have access to professional insurance advisors who have the ability to negotiate insurance coverage that will pay out when you have a large or complex claim. The value of quality advice based on a sound understanding of your business is more important than selecting the lowest cost broker advisory service. Start with Why Everything we do in analysing risk needs and designing solutions we believe in challenging and improving HOW we understand our clients risk exposures by providing them with a satisfying WTW experience by delivering professional advice and it for purpose cost effective insurance solutions that are aligned to each clients risk proile exposures and satisfactory claim settlements. In this document we explain HOW we do it and WHAT we do in a consistent and disciplined way. Our core activity WTW provides risk advisory and insurance broking services to medium sized firms and to some of the largest South African multinationals. By means of a dedicated multi-disciplined team of risk and insurance specialists through a single point of day-to- day contact who is your Client Advocate Our Client Value Stream 1 Research & Industry Sector Research & Industry Sector Development Specialists Development Specialists Access To Access To Local CLIENT Risk Seamless and Integrated RISK PROGRAM Technical Global Best & Global Markets ADVOCATE® Management WTW Service Delivery MANAGER Specialists Practice Coverage Client Risk Risk Claims Advocacy Specialists Profiling Expertise Insurance Market Value Interface Stream 2 www.wtwco.com Copyright © 2024 WTW. All rights reserved WTW Risk Management Value Proposition 3 Sector Expertise Insurance has become more complex, rendering the services provided by generalists across various types of insurance covers to be inadequate. We employ insurance specialists across a range of insurance disciplines who offer professional expert advice about how to address your business and industry risk exposures. We have industry sector expertise in: Construction & Agriculture Financial Healthcare Industrials Materials Services Natural Resources: Technology & Logistics Consumer Real Estate Mining, Chemicals Telecoms Discretionary & & Energy Consumer Staples Operational Risk Assessment - Phased Time-line for Remediation TIMELINE PHASE 1 PHASE 2 PHASE 3 PHASE 4 Underwriting Surveys & MPL/ Risk Profile EML Calculations Group, Divisional, WTW Risk Engineering engage with Insurers, ASIB, Local Authority OBO Client Locations specific Risk Assessments - Focus on water borne fire defence, Insurer Conversations Direct Insurer Conversations Direct in-house capability, permits, housekeeping, contractor management Risk Remediation Tracking and Closure Residual Risk Level Sprinkler system inspection regime WTW “Fire Desk” engagement Risk Recommendations Ongoing Remediation Ongoing Remediation Ongoing Remediation with ASIB direct OBO clients Hydrant reticulation system flow and pressure tests Infra-red Thermography Current Risk Level Business Impact and Supply Chain Assessments Remediation Plans Grading Assessment Reports Location specific - Granular and specific - Inspection, maintenance, testing Ongoing Controls Review “on the ground” 2024 4 WTW Risk Management Value Proposition Two Value Streams Risk Mitigation, Risk Profiling, Underwriting Surveys Value Stream 1: The Client The Operational Risk Control Programs provide the following benefits: Alignment with a set of Standards (the Benchmark) which indicate the level of compliance to / deviation from what are essentially statutory and legislated requirements. Alternatively Best Practice benchmarks, many of which have become industry norms and are expected as a given by Insurers. Assurity that Operational Risk Control matters are identified, managed and mitigated to close-out insofar as practically possible. Assurity that there is compliance to the necessary by-laws and other legislative requirements. An improving Risk Control Profile. A focus on protection of property and finances of the business. Commensurate value for customers, suppliers, employees, shareholders and other stakeholders. An enhanced interface with the DOL and workforce when the Risk Control initiatives overlap with the OHS field. Reduced incidents, claims and uninsured losses. Benefits of an improved insurance placement structure and reducing premium over time due to lower cost of claims. Value Stream 2: The Insurer Interface This crucial interaction prior to renewal of the insurance program is between the WTW Client Executive (Broking) and a multi-skilled placement team. The Insurance markets are engaged with directly by the WTW Risk Engineering Team and, from a risk management perspective, are appraised of the following: Factual information regards our clients’ business operations as reported in the Underwriting Survey. Potential Loss Estimates at two levels: a higher order loss scenario (MPL) whereby existing protections are deemed to fail; a lower order scenario whereby existing protections are deemed to function as designed, unless this is indicated to the contrary by the surveyor. Presentation of Operational Risk Control Information in various forms: An Operational Risk Control Profile that would be tracked and preferably trending positively, thereby indicating improving quality of risk Specific Operational Risk Control Profiles are built around: Water borne fire defence; Sprinkler System Inspection Compliance status - WTW engage directly with ASIB; Hydrant Reticulation System performance status; Infra-red Thermography fault status. Property Insurers are insistent, particularly in the current hard market, that their underwriting terms and provision of financial capacity will be influenced by the quality of the risk insured and a client’s adherence to risk management standards. Their assessment of the risk quality will be heavily influenced by information gleaned from the Operational Risk Profile and from the Underwriting Survey. The Reinsurers are of the same mind as to the amount of risk to underwrite and at what price, deductibles, terms and conditions. High hazard occupancies and those occupancies with low quality risk management, in the absence of a committed action plan to improve any adverse Operational Risk exposures will require significantly more risk information and Insurer discussions in order to mitigate onerous renewal terms. www.wtwco.com Copyright © 2024 WTW. All rights reserved WTW Risk Management Value Proposition 5 WTW Risk Management and Related Services Willis Blue® Willis Blue Environmental® Risk Management Emergency Planning Air Waste Material Organisation Safety Health Fire Defence Desk Hazardous Substances Water Environment Motor Fleet Security Noise New Activities Additional Risk Management offerings and related services Technical Services Risk Assessment Fire Protection Consultancy Infra-red Technology Environmental Ultrasonic Inspections Hydrant Reticulation Flow Insurer Interface & Broking Safety & Health Risk Profiling & Pressure Texts Support Training Services ERM Services Strategic Risk Control Property Valuations Supply Chain & Value Chain Business Impact Business Continuity Cyber Risk Assessment Assessment Assessments Risk Assessment Fire Protection Consultancy Technical Services Fire defence Essential regulatory compliance review Infra-red Thermography Physical security Scope of works preparation Ultrasonic inspections Chemical handling System design Hydrant reticulation system flow and Machinery breakdown pressure tests Hydraulic calculations Electrical engineering Preparation, management and adjudication of tenders Environmental Mechanical engineering Costs review Risk assessments & consulting Dust explosion hazards Confirmation of designs and system Legal registers SANS 10108 hazardous locations identification performance as fit-for-purpose Management system reviews Fire life safety reviews Review of water borne fire defence, gaseous extinguishing systems and Safety & Health Risk improvement surveys detection / alarm installations (specialist Pre-occupation surveys / advice Risk assessments and consulting fire protection) MHI reviews OMS system Sprinkler system advisory / Fire Desk Niche / specialist assignments In-house fire brigade assessment Project risk assessments Training Services Risk Profiling Bespoke Audits: Non-standard 300 courses, accredited and Locality, divisional, group risk profiles by unaccredited construction, Temperature controlled discipline and by programme environments, Conveyor systems Fire team training Risk status tracking, close-out and COID training / familiarisation Insurer Interface and Broking Support reporting Environmental training Executive / Group summaries Underwriting surveys Post-loss surveys ERM and Related Services Strategic Risk Management Loss calculations Business Continuity Planning Risk maturity assessments Machinery breakdown surveys Supply Chain Reviews ERM roadmapping Business interruption reviews Value Chain Reviews Integrated risk management frameworks Business Impact Assessments Cyber Risk Assessment ERM risk consulting and assessments ERM assessment risk workshops Property Valuations ERM training workshops (familiarisation) 2024 6 WTW Risk Management Value Proposition Why WTW? Ownership structure Willis Towers Watson Willis Europe BV Development Trust 74.9% 25.1% Willis South Africa (Pty) Ltd Johannesburg BEE Rating 4 offices 3 provinces servicing the Durban whole of SA Level 1 Cape Town Stellenbosch We work with Some of the most Other complex JSE list- Global & corporate ed companies Local insurance pro- companies grammes in SA Many of our employees are career risk and insur- ance practitioners - their individual experience exceeds 25 years and combined know-how exceeds 750 years Our people are chosen for their in-depth risk and insurance experience, as well as their network of industry relationships, and we are proud that our clients include some of South Africa’s most prominent brands. www.wtwco.com Copyright © 2024 WTW. All rights reserved WTW Risk Management Value Proposition 7 VISION The WTW team has a clear vision to contin- SERVICE DIFFEREN- Client Advocacy Model uously strive and challenge the status quo, TIATORS Service Team Experience in order to provide our clients with a satis- Transition Plan fying WTW experience. Our clients receive Annual Service Plan a satisfying experience dealing with WTW Quality Assurance by receiving sound professional advice and Willis Blue Tool innovative cost effective solutions, that are Bespoke Solutions aligned to each client’s risk profile exposures Understand your risk exposures and servicing needs and future risk needs WHY Relationships rooted in trust 3-STEP RISK AS- Structured risk review process WTW? A commitment to quality and simplicity in SESSMENT METH- and approach all interactions ODOLOGY Proven claims negotiation and Competitive pricing settlement record Empowered, nimble and entrepreneurial World-class broking specialists colleagues Bespoke policies compliant and Bespoke tailored solutions to help you fit for purpose manage risk, reduce cost and drive growth Bespoke claims service to suit Deep sector and industry expertise your needs Data-driven insights powered by best-in- class analytical technology capabilities Senior Management involved on your account negotiating placement terms and settling complex claims Our proposed service team has a proven track record servicing Corporate clients Trusted Risk Partnership Advice, Technical Placement Ability And Sector Exper- Relentless focus on client experience and outcomes tise Strong expertise to understand your business model risk exposures and negotiate competitive terms. Responsive Client Advocacy Willis Blue Risk Management Tool Single contact point backed by team of multi-skilled Expertise to mitigate your insurable and uninsurable risk experts. exposures. Claims Management Compliance Ability to manage, advise, lead and settle complex Strong governance policies on Information Security, claims. Corruption, Bribery, Sanctions, Conflict of Interests, Ethical & Moral Behaviours. Technology Transparent Competitive Fee Solutions to drive process efficiency. Some South African clients AECI Coricraft LignoTech Servest Group AngloGold Ashanti Dutoit Group Mediclinic South African Airways Astral Foods Ellies Holdings Minor Hotels South32 Austell Pharmaceuticals EOH Holdings MiX Telematics Spier Holdings Avacare Health Gledhow Sugar MTN Standard Bank Barloworld Granor Passi Nampak Steyn City Beier Industries Grindrod NAS Colossal Aviation Super Group Boeing Hulamin NCP Alcohols The Foschini Group Caltex Illovo Sugar Omnia Holdings The Logistics Group Capespan Impala Platinum PPC TotalEnergies Ceres Fruit Growers InterCare Royal Bafokeng Platinum Two-A-Day Ceres Fruit Processors Interwaste SA Corporate Umfolozi Sugar Mill Clicks Isanti Glass SA Sugar Association Umhlatuzi Sugar Clover Isuzu Motors Sanlam Properties Virgin Active CMT Textiles Lenmed Sasol Volvo Through GRMS we are appointed to handle the broking of the reinsurance placement for the Mutual Risk Group comprising of 22 corporate companies. 2024 8 WTW Risk Management Value Proposition About WTW We are a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. Scale, diversity Scale, diversity 45,000 A deep history A deep history and financial 160 colleagues and financial colleagues in dating back to dating back to strength: $9.5b in 3 provinces strength: R363m 145+ countries 1828 1951 2023 revenue 2023 revenue Globally South Africa WTW office ASK GS partnership Other correspondents No formal correspondents Proud African history, Largest African Global Reach, Client-focused, Operational operating across the footprint, of any combined with Local unique integrated Excellence, a robust continent for over 71 broker, with a network African Expertise. offerings, help clients infrastructure and years. across 36 countries. manage their people, strong compliance This includes a risk and capital. culture. parnership with Ask GS. 01 02 03 04 05 Compliance Policies / Annual Online Our Client Focus These values will Training: Teamwork continue to define our Sanctions, Bribery & Corruption Integrity relationship with our Values Respect Excellence clients, now and in the future Conflict of interest Quality Assurance Information Security Policy www.wtwco.com Copyright © 2024 WTW. All rights reserved WTW Risk Management Value Proposition 9 FINANCIAL ADVISORY & INTERMEDIARY SERVICES ACT 37 OF 2002 DISCLOSURE, THE SHORT TERM INSURANCE ACT 53 OF 1998 AND LONG TERM INSURANCE ACT 52 OF 1998 AND THE POLICYHOLDER PROTECTION RULES In terms of the Financial Advisory and Intermediary Services Act 37 of 2002, George Bishop, Ryck Genis, Pravina Nair and Euan Dixon-Smith have been appointed as key individuals of Willis South Africa (Pty) Limited. Willis South Africa (Pty) Limited accepts responsibility for the activities performed by its Representatives within the scope of, or in the course of their duties, as mandated by Willis South Africa (Pty) Limited. Name Willis South Africa (Pty) Limited Website www.wtwco.com Physical Address Johannesburg Cape Town Durban Stellenbosch Illovo Edge, 1 Harries Rd, Level 4, MontClare 1st Floor, West Wing, The First Floor, 43 Plein Illovo, Johannesburg, Place, 23 Main Road, Boulevard, 19 Park Lane, Street, Stellenbosch, 2196 Claremont, 7700 Umhlanga, 4000 7600 Postal Address P O Box 55509, Private Bag X30, As above Private Bag X30, Northlands, 2116 Rondebosch, 7001 Rondebosch, 7001 Telephone No. +27 11 535 5400 +27 21 681 3700 +27 31 833 4550 +27 21 111 0666 Fax No. +27 11 784 1610 +27 21 681 3800 Company Registration No. 1997/020469/07 FSB License No. 267 FAIS License Category Long-Term Insurance subcategory A; Personal Lines; Long-Term Insurance subcategory B1; Long-Term Insurance subcategory B2; Short-Term Insurance Personal Lines A1; Long-Term Insurance subcategory C; Retail Pension Benefits; Short Term Commercial Lines; Participatory interest in a collective investment scheme; Health Service Benefits; Short-Term Deposits Professional Indemnity & Yes Fidelity Insurance Complaints to be directed Ryck Genis (E-mail : [email protected]) to Ombud for Financial 125 Dallas Avenue, Menlyn Central, Waterkloof Glen, Pretoria, 0010 Services Providers http://www.faisombud.co.za Ombud for Short Term 110 Oxford Road, Rosebank, 2196 Insurance Telephone No. 011 726 8900 | www.osti.co.za | Email. [email protected] Ombud for Long Term Third Floor, Sunclare Building, 21 Dreyer Street, Claremont, Cape Town Insurance Telephone No. 021 657 5000 / 0860 103 236 | Email. [email protected] Financial Sector Conduct Riverwalk Office Park, Block B, 41 Matroosburg (Corner Garsfontein and Matroosberg Roads), Asleigh Authority Gardens, Extension 6, Menlo Park, Pretoria Telephone No. 012 428 8000 / 0800 20 37 22 Fax No. 012 347 6941 | www.fsca.co.za Compliance Officer Salomy Schoeman T: + (27) 21 883 8000 | C: + (27) 83 655 0515 [email protected] Charl Groenewald T: + (27) 21 883 8000 | C: + (27) 82 464 3422 [email protected] Willis South Africa does not receive more than 30% of its remuneration from any insurer or underwriting agent. Furthermore Willis South Africa does not directly or indirectly hold more than 10% of any insurer or underwriting agent’s shares or equivalent substantial financial interest. No insurer or underwriting agent holds directly or indirectly more than 10% of Willis South Africa’s shares or equivalent substantial financial interest. The conflict of interest policy is available upon request and can be accessed on the website Conflicts of Interest Management Policy. Please note: Do not sign any blank or partially completed application form. Complete all forms in ink. Keep all documents handed to you. Make note as to what is said to you. Ask for a letter of representation from your adviser. Don’t be pressurised to buy the product. Incorrect or non-disclosure by you of relevant facts may influence an insurer on any claims arising from your contract of insurance. The insurer and not the intermediary must give reasons in writing for repudiating your claim. Your insurer may not cancel your insurance merely by informing your intermediary. There is an obligation to make sure the notice has been sent to you. The General Code of Conduct stipulates that no financial services provider may request or induce in any manner a client to waiver any right or benefit conferred on the client by/or in terms of any provisions of the said Code, or recognise, accept or act on any such waiver by a client. Any such waiver is null and void. You have the right to cancel this policy, via written notification, within 14 days after the receipt of this policy or from a reasonable date on which it can be deemed that you received this policy. Your policy document reflects the premium payable, due date and frequency. Your payment should be made on or before the due date / payment date reflected to avoid the cancellation of the policy. For the list of our registered representatives please refer to our regulators website www.fsca.co.za. Your Willis Towers Watson representative will provide a copy of their Section 13 certificate. Any queries in this regard may be referred to George Bishop +27 11 082 8709 or by email [email protected] 2024 About WTW At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help you sharpen your strategy, enhance organisational resilience, motivate your workforce and maximise performance. Working shoulder to shoulder with you, we uncover opportunities for sustainable success — and provide perspective that moves you. Learn more at wtwco.com Willis South Africa (Pty) Limited is an authorised Financial Services Provider: FSP267 Registration Number 1997/020469/07 1 Harries Rd, Illovo Johannesburg, 2196 P O Box 55509, Northlands, 2116 South Africa Tel: +27 11 535 5400