Regulatory framework amongst the best in the world
08 September 2006
Global consulting firm Watson Wyatt is known more as a firm specialising in human capital, though it combines these skills with financial management consulting. But Watson Wyatt traces its roots to the oldest actuarial firm in the world, R. Watson & Sons of the UK, founded in 1878.
Watson Wyatt Worldwide today has revenues exceeding $1.1 billion and about 6,000 associates – including specialists in benefits, human capital, insurance and financial services and investment – in 90 cities in 30 countries. It also serves top pension plans in the world.
Combining broad practical experience with leading edge technical and actuarial expertise, the firm advises a wide range of clients including major financial institutions, life, non-life and health insurance companies, re-insurers, fund managers, banks, bancassurers and companies involved in the purchase or distribution of insurance and financial services.
Richard Holloway, head of India operations, and managing consultant, Watson Wyatt, has been a frequent visitor to the country since 1997, much before the insurance industry was opened up. Holloway spoke to N Rao in Mumbai, giving his impressions about reforms in the insurance sector. Excerpts:
As somebody who takes a keen interest in the Indian insurance market, are you satisfied with the pace of reforms in the sector?
India is progressing well on the road to opening the insurance sector. The regulatory framework has been well laid down based on the best international practices, with strong emphasis on transparency, disclosure, best sales practices, sales force training and policyholder protection rules.