Willis and Gras Savoye ramp up Africa push

Willis and Gras Savoye have stepped up their strategic partnership in Africa in a move that they hope will firmly entrench them as the number one corporate insurance broker on the continent. Willis owns 31% of French broker Gras Savoye and has an option to buy the rest of the company in 2016. Gras Savoye is one of the world’s leading ‘independent’ brokers. It is based in France but has a long history in international reinsurance and in French-speaking Africa in particular where it has 38 offices. As part of the two brokers’ ever closer partnership they have decided to focus their efforts on Africa to build on Gras Savoye’s history and contacts in the region and Willis’ global capabilities.hideThis new effort was marketed heavily at the Ferma Forum in Maastricht at the beginning of October to showcase the broker’s wares to European risk managers. William White, Group Ambassador to Gras Savoye, explained the plan to Commercial Risk Africa during the event. He said that an African advisory board has been created under the leadership of Sarah Turvill, Chair of Willis International, with the aim of driving growth across the continent and tapping into the ‘huge opportunities’, particularly in Sub Saharan Africa. Mr White said that the partners have created a hub management structure to make sure that African and international customers enjoy the local service they need that is backed up by the international capabilities and specialities in London and Paris. These hubs are based in South Africa, Kenya, Egypt, Ivory Coast and Nigeria. The ‘glocal’ approach is absolutely central to the strategy, stressed Mr White. “Ask brokers and risk managers what the most critical thing is when expanding into a new market and you will find it is not simply price, it is when the losses arise. Customers want to know that they are compliant to international standards...CEOs of companies expanding in Africa want to be ultimately sure that they can get a global and consistent service because of the uncertainties involved. We know that some brokers have overstretched their reach but we are available because our unique selling point for Africa is that we are the single largest owned network with more than 40 years’ experience in the continent,” he explained. The fact that certainty and consistency of service is actually more important than price and even possibly compliance (off the record at least) was confirmed during this year’s Risk Frontiers survey of leading European risk managers that CRA’s sister publication Commercial Risk Europe carries out each year. Mr White stressed that Willis and Gras Savoye really understand this and have systems in place to ensure customers receive the service that they demand on the ground as well as the international expertise. As with any network or partnership, the key is to make sure that the local and global experts work together effectively to deliver the services to customers and don’t spend their time squabbling about shared commissions or ownership. “One of the biggest challenges is building trust,” said Mr White. “The CEOs of our regional hubs know how to manage their businesses and we are integrating Willis and Gras Savoye business and capabilities via Global Client Advocates who provide customers with a single point of contact across the group. The critical thing is trust. The North American customer needs absolute confidence that he or she receives the same service in Africa that they receive at home,” he continued. Benoit Fisse, Product Development Director at Gras Savoye, added: “For both local SMEs and multinational clients we do local business. We are able to create and service a medical plan for local staff in each country where we operate or where a multinational operates. And we are able to do global reporting of local lines. Health insurance is of real interest in this respect, especially for multinationals with local operations.” The key for Willis and Gras Savoye is therefore to strike the right balance between the local service and global capability and this is exactly the same challenge faced by their broking rivals and the big international insurers, which are equally keen to tap into the opportunities offered by Africa. Mr White is fully aware of this challenge. “This is why when the advisory board is developing strategy it is crucial to have the right people at the centre and locally who understand the local culture and often complex history,” he said. The risk and insurance business remains very much a people business whether it be Europe, North America or Africa.

Willis and Gras Savoye ramp up Africa push

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