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Products January 23, 2014
Towers Watson Expands Exchange Solutions Segment
January 23, 2014 (PLANSPONSOR.com) – Towers Watson plans to unite the company-wide expertise and resources dedicated to health care exchanges and administration within its Exchange Solutions segment.
Reported by Kevin McGuinness
The move is designed to help employers better navigate the dynamic health care environment, according to an announcement by the global professional services company. Jim Foreman, managing director of the Americas, will lead the expanded Exchange Solutions segment. Carl Hess, global head of the company’s Investment business, will succeed Foreman as leader of the Americas. Both appointments are effective February 1.
Towers Watson will combine its existing Exchange Solutions segment with the operations and associates of:
- Extend Health, which it acquired in 2012;
- Liazon, which it acquired in late 2013 (see “Towers Watson Acquires Liazon”); and
- Much of its North American Technology and Administration Solutions health care business, as well as other consultants dedicated to health care exchanges.
The expanded business unit will help employers deliver health care benefits to their employees and retirees through private exchanges and administration.
“We believe this action strengthens our ability to provide the best exchange and administration solutions to the marketplace and also underscores our commitment to serving our clients and meeting their needs,” says John Haley, chairman and chief executive officer at Towers Watson. “I’m confident that this expansion will accelerate our ability to help companies thrive in the new health care reform environment.”
Foreman has served as managing director of the Americas at Towers Watson since January 2010. He also serves on the company’s executive committee and will continue to serve in that role. He initially joined the company in 1985 and has held several business leadership positions during his tenure. He has also served as executive vice president of national businesses and a member of the executive committee at a major insurer.
Hess, who will succeed Foreman, is currently the global head of the company’s Investment business, and has been at Towers Watson for 25 years. He will also serve on the company’s executive committee.