Leading Health Insurers to Provide Health Plans on New Towers Watson Private Exchange for Active Employees
NEW YORK--(BUSINESS WIRE)-- Towers Watson (NYSE, NASDAQ: TW), a global professional services company, announced the first group of health insurers to agree to offer health plans on Towers Watson's new private exchange for active employees:
Anthem Blue Cross
Anthem Blue Cross and Blue Shield
Blue Cross and Blue Shield of Georgia
Empire Blue Cross Blue Shield
The offering is part of Towers Watson's OneExchange, which delivers proven, end-to-end and seamlessly integrated exchange solutions for all employee and retiree populations. OneExchange's active employee exchange solution will enroll participants this fall for January 1, 2014 health plan start dates.
"We are pleased to participate in Towers Watson's private exchange," said Jerry Kertesz, Vice President of Sales at Anthem National Accounts. "As one of the nation's largest health benefit companies, we serve more than 36 million Americans. Our employer clients are looking for solutions — including products on private exchanges — that will provide their employees with affordable health benefits. Through OneExchange, we will be able to offer our clients a wide variety of solutions as they plan their benefit offerings in the post-health care reform world."
These health insurers all have long-standing relationships with Towers Watson and Extend Health. Extend Health is the operator of the nation's largest private Medicare exchange and was acquired by Towers Watson in May 2012.
"Towers Watson is committed to partnering with leading national health insurers to offer best-in-class plans that help employers manage health care costs while meeting the needs of their employees," said Dave Osterndorf, Chief Health Care Actuary for Towers Watson. "We share the common goal of helping employers determine whether an exchange is right for their organization and employees. When it is, we will work together to provide the most effective solutions to achieve the ongoing sustainability of their health care programs."
"Kaiser Permanente is highly supportive of well-designed exchange solutions like OneExchange," said Thomas A. Curtin Jr., Senior Vice President of National Sales and Account Management for Kaiser Permanente. "Active employees want to be able to choose from high-quality, affordable plans. It's important to provide them with easy access to useful health care consumer information and guidance to support their selection."
"We expect the vast majority of employers to thoughtfully evaluate exchanges for some or all of their employee and retiree populations in the coming years," said Bryce Williams, Managing Director for Exchange Solutions at Towers Watson. "As they weigh their options, we believe the combined expertise and trusted advice of Towers Watson and our health insurance partners will serve them well. Our solutions are designed to meet near- and long-term needs through high-performing plans that offer employers viable health benefit programs and employees better ways to manage their own health."
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 solutions in the areas of benefits, talent management, rewards, and risk and capital management. Towers Watson has 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: 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 Extend Health business fails to maintain good relationships with insurance carriers, becomes dependent upon a limited number of insurance carriers or fails 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; 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.
You should not rely upon forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. Towers Watson does not undertake an obligation to update any of the forward-looking information included in this document, whether as a result of new information, future events, changed expectations or otherwise.
Josh Wozman, 703-258-7670
Melanie Meharchand, 650-292-8717
Rob Wyse, 212-920-1470
Christine Erb, 215-699-3170
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