Tillinghast
Tillinghast was the world's largest actuarial practice focused on insurance[1] and a unit of Towers Perrin specializing in risk management and actuarial consulting. The Tillinghast business of Towers Perrin provided consulting and software solutions to insurance and financial services companies and advised other organizations on risk financing and self-insurance.[2] In January 2010, Towers Perrin merged with Watson Wyatt Worldwide to form Towers Watson where Tillinghast became part of the risk management group.
Brief history
In 1986, Atlanta-based Tillinghast, Nelson & Warren Inc., then the nation's largest independent risk management consultant,[3] merged with Towers, Perrin, Forster & Crosby, Inc (TPF & C). The company was restructured assigning Tillinghast's benefits practice to TPF & C and TPF & C's risk management practice to Tillinghast. The following year in 1987, the firm was rebranded under the name Towers Perrin[4] by which it is still known. Today, Tillinghast, HR Services, and Reinsurance are the three businesses of Towers Perrin.
Products and services
Mergers, acquisitions, and restructuring
Tillinghast advises clients on merger and acquisition transactions by planning and developing acquisition strategy, providing actuarial appraisals, and forecasting changes to shareholder value and reactions from rating agencies
Risk management services
Tillinghast provides risk management services including risk management process assessment and benchmarking, insurance marketing assistance and vendor selection, claims management effectiveness, risk management organizational effectiveness, risk management information system (RMIS) needs assessments, system selection and implementation support, workers' compensation cost management/integrated disability management, and enterprise risk management (ERM). Tillinghast's risk management services clients include 71 of the Fortune Global 500 companies.[5]
Risk financing assistance
Tillinghast performs reviews on clients' risk financing programs to determine ideal coverage and present cost-efficient solutions, as well as assisting in implementing the programs. These services can be provided either as a one-time project or in an ongoing advisory capacity, on the entire risk financing programs, or on a single risk issue.
Captive insurance company consulting
Tillinghast offers specialized consulting to companies considering or operating captive insurance companies and other alternate risk vehicles including services such as feasibility studies, implementation assistance, and ongoing actuarial support and strategic planning. Tillinghast publishes a Captive Insurance Company Glossary[6] and a monthly newsletter Captive Insurance Company Reports.[7]
Actuarial analysis
Tillinghast is the leading global actuarial consulting firm and the largest consulting employer of qualified casualty actuaries.[5] Actuarial consulting services include funding/pricing analysis, loss reserve and financial statement accruals, retention analysis, premium/cost-allocation models, product development, comparative cost benchmarking, and financial modeling.
Financial modeling software
- RiskAgility: Tillinghast's new software framework for risk management built from the ground up using current Microsoft software to take advantage of the latest advances in technology.
- MoSes: originally developed by Australia-based Classic Solutions which merged with Tillinghast in 2002, MoSes provides a single common platform for many financial models. MoSes features transparency in its calculations for ease of auditing.
- TAS Tillinghast Actuarial Software: a software package layer over the MoSes platform for analysis and reporting of life and annuity insurance products
- TAS P/C Tillinghast Actuarial Software: property and casualty-specific software package
- Economic Scenario Generators: including real-world and market-consistent approaches for financial analysis
Client industries
- Financial services companies
- Life insurance companies
- Property and casualty insurance companies
- Hospitals and managed care organizations
- Risk financing for all organizations
Notable awards
- "Best Consultancy of the Year" by Reactions Magazine, 2007[8]
- "Top Consultancy Firm for 2005" by U.S. Insurer, 2005
- "Consultancy of the Year" for Services to the Re/Insurance Industry by Reactions Magazine, 2005[9]
- "Consultancy of the Year" for Services to the Re/Insurance Industry by Reactions Magazine, 2004[10]
Notes and references
- ↑ "Tillinghast press release".
- ↑ "Towers Perrin website".
- ↑ "Towers Perrin: Information and Much More".
- ↑ "About Towers Perrin - History".
- 1 2 "Tillinghast Service Offerings".
- ↑ "Captive Insurance Company Glossary" (PDF).
- ↑ "Captive Insurance Company Reports".
- ↑ "The world's best insurance companies and executives revealed at Reactions Global Awards Dinner".
- ↑ "Reactions Reinsurance Awards 2005".
- ↑ "Reactions Reinsurance Awards 2004".
External links
- Tillinghast - Tillinghast home page