ARLINGTON, Va.--(BUSINESS WIRE)--Towers Watson (NYSE, NASDAQ: TW), a leading global professional services company, announced today that in the first half of 2014, 45 major U.S. employers launched OneExchange for full-time, part-time or retired employees. This is the largest number of employer implementations outside the typical fall enrollment period in the private exchange’s eight years of operation.
“Launching a private exchange outside the fall enrollment season lets employers set their own timetable based on what’s best for their workforce and business cycle,” said Bryce Williams, managing director with Towers Watson’s Exchange Solutions. “This approach can offer employees and retirees additional breathing room to learn about their options, access tools and advisory services, and select the best plan for them. It also lets them get more comfortable with a new exchange model, reducing worry and increasing satisfaction.”
The 45 employers that adopted Towers Watson’s OneExchange range across industries and both the public and private sector. They include:
- GameStop: Full-time active employees
- International Paper: Medicare-eligible retirees
- Northrop Grumman: Medicare-eligible retirees
- State of Rhode Island: Medicare-eligible retirees
With these employers, OneExchange now serves more than 1,100 employer clients.
Towers Watson acquired the nation’s first and largest private Medicare exchange, Extend Health, Inc. in 2012, followed by its acquisition of Liazon Benefits in 2013.
About Towers Watson
Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. The company offers consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson has more than 14,000 associates around the world and is located on the web at towerswatson.com.
This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “would,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “continue,” or similar words, expressions or the negative of such terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of Towers Watson’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: a decline in client demand (for example, resulting from the reduced use of defined benefit plans); the risk of a breach of company or client data; the ability to successfully make suitable acquisitions and divestitures; the risk that the acquisitions of Extend Health and Liazon are not profitable or are not otherwise successfully integrated; our ability to protect client data and our information systems; the risk that potential changes in federal and state health care regulations, or future interpretation of existing regulations, may have a material adverse impact on our business; the risk that our Exchange Solutions or OneExchange businesses fail to maintain good relationships with insurance carriers, become dependent upon a limited number of insurance carriers or fail to develop new insurance carrier relationships; the risk that changes and developments in the health insurance system in the United States could harm our business; our ability to respond to rapid technological changes; the ability to recruit and retain qualified employees, and to retain client relationships; and the risk that a significant or prolonged economic downturn could have a material adverse effect on Towers Watson's business, financial condition and results of operations. Additional risks and factors are identified under “Risk Factors” in Towers Watson’s most recent Annual Report on Form 10-K filed with the SEC.
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