Willis Launches Forensic Accounting Practice to Assist With Measurement of Damages Arising From Large Scale Disasters
April 22 2015 - 11:56AM
In response to the increasing number of large scale disasters that
result in highly complex claims, Willis Group Holdings plc
(NYSE:WSH), the global risk advisory, re/insurance broking, and
human capital and benefits firm, today launched a new Forensic
Accounting & Complex Claims (FACC) practice.
The team of highly qualified public accountants and other
forensic experts works with organizations to maximize recovery and
minimize losses while reducing the complexity and length of
settlement time. They also provide pre-disaster planning and
advice, enabling risk managers to make more informed decisions,
based on quantitative analysis, in managing their property and
casualty risks.
The practice is led by Ken Giambagno who is one of the most
experienced global leaders in forensic accounting with a career
spanning over 30 years. Ken has played a key role in resolving
claims and disputes for businesses in excess of $8 billion during
the past 10 years. He reports to John Merkovsky, Willis's Group
Head of Risk & Analytics.
Giambagno commented: "Businesses today operate in a dynamic,
complex and interconnected world, which means that the insurance
claims process can be lengthy and fraught with complications if it
is not handled correctly. For example, many large and complex
claims after disasters such as Superstorm Sandy, the 2011 Tōhoku
earthquake and tsunami and the September 11, 2001 attacks on the
World Trade Center, have shown how vital it is for businesses to be
prepared for the claims process in the event of a large scale
disaster.
"Effectively planning and preparing for a loss before it
happens, as well as accurately calculating business interruption
losses and property damage after a major disaster often allows a
business to get back on its feet ahead of its competitors," he
added.
Merkovsky added: "As businesses become more sophisticated, they
continue to demand more by way of risk insights, services, advice
and tools. Willis has responded to this by launching this highly
specialized FACC unit to help clients better understand their
exposures pre-disaster and to provide the necessary advice and
support to resolve complex claims when disaster strikes. This in
turn helps them to build resilience in their organizations and
compete more effectively."
FACC assists companies across all industry sectors globally and
can add value to a business by:
- Simplifying the claim process so businesses can focus on
returning to their normal day-to-day activities.
- Quantifying the loss amounts and gathering the necessary
supporting documents.
- Minimizing the overall disruption to business operations by
obtaining cash advances in the early stages of a loss.
- Preparing and submitting the claim on behalf of the client in a
format that is familiar to insurers.
- Working directly with the loss adjuster and the carrier's
experts.
- Participating in meetings to explain the methodology behind
loss calculations and responding to requests for additional
documentation.
The practice is being launched to coincide with the Risk &
Insurance Management Society's (RIMS) Annual Conference in New
Orleans April 26-29 where a number of Willis's forensic accountants
will be available to speak to clients and the media in the Willis
booth, #1101.
About Willis
Willis Group Holdings plc is a leading global risk advisor,
insurance and reinsurance broker. With roots dating to 1828, Willis
operates today on every continent with more than 18,000 employees
in over 400 offices. Willis offers its clients superior expertise,
teamwork, innovation and market-leading products and professional
services in risk management and transfer. Our experts rank among
the world's leading authorities on analytics, modelling and
mitigation strategies at the intersection of global commerce and
extreme events. Find more information at our website,
www.willis.com, our leadership journal, Resilience, or our
up-to-the-minute blog on breaking news, WillisWire. Across
geographies, industries and specialisms, Willis provides its local
and multinational clients with resilience for a risky world.
CONTACT: Media:
Florrie Critchley
+44 20 3124 8603
Email: Florrie.Critchley@willis.com
Investors:
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+1 212 915 8084
Email: Peter.Poillon@willis.com