Tillinghast
Encyclopedia
Tillinghast was the world's largest actuarial practice focused on insurance and a unit of Towers Perrin
Towers Perrin
Towers Perrin was a professional services firm specialising in human resources and financial services consulting, which merged in January 2010 with Watson Wyatt to form Towers Watson...

 specializing in risk management and actuarial consulting. The Tillinghast business of Towers Perrin
Towers Perrin
Towers Perrin was a professional services firm specialising in human resources and financial services consulting, which merged in January 2010 with Watson Wyatt to form Towers Watson...

 provides consulting and software solutions to insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...

 and financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...

 companies and advises other organizations on risk financing
Financial risk management
Financial risk management is the practice of creating economic value in a firm by using financial instruments to manage exposure to risk, particularly credit risk and market risk. Other types include Foreign exchange, Shape, Volatility, Sector, Liquidity, Inflation risks, etc...

 and self-insurance
Self insurance
Self insurance is a risk management method in which a calculated amount of money is set aside to compensate for the potential future loss.If self insurance is approached as a serious risk management technique, money is set aside using actuarial and insurance information and the law of large numbers...

.
In January 2010, Towers Perrin
Towers Perrin
Towers Perrin was a professional services firm specialising in human resources and financial services consulting, which merged in January 2010 with Watson Wyatt to form Towers Watson...

 merged with Watson Wyatt Worldwide
Watson Wyatt Worldwide
Watson Wyatt Worldwide, Inc. was a global consulting firm, which merged in January 2010 with Towers Perrin to form Towers Watson. The firm's services included managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension...

 to form Towers Watson
Towers Watson
Towers Watson is a global consulting firm. Its principal lines of business are risk management and human resource consulting. It also has strong actuarial, investment consulting, and reinsurance brokerage practices. The Towers Watson corporate offices are in New York, New York.Towers Watson was...

 where Tillinghast became part of the risk management group.

Brief history

In 1986, Atlanta
Atlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...

-based Tillinghast, Nelson & Warren Inc., then the nation's largest independent risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...

 consultant, 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
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...

 practice to Tillinghast. The following year in 1987, the firm was rebranded under the name Towers Perrin
Towers Perrin
Towers Perrin was a professional services firm specialising in human resources and financial services consulting, which merged in January 2010 with Watson Wyatt to form Towers Watson...

 by which it is still known. Today, Tillinghast, HR Services
Human resource consulting
Human resource consulting is an $18.4 billion industry that has emerged from management consulting, asclients' needs have become more complex and specialized, widening the gap between HR needs and work force capabilities, and thus accentuating the ability of HR management consulting firms to fill...

, and Reinsurance
Reinsurance
Reinsurance is insurance that is purchased by an insurance company from another insurance company as a means of risk management...

 are the three businesses of Towers Perrin
Towers Perrin
Towers Perrin was a professional services firm specialising in human resources and financial services consulting, which merged in January 2010 with Watson Wyatt to form Towers Watson...

.

Mergers, acquisitions, and restructuring

Tillinghast advises clients on merger and acquisition
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...

 transactions by planning and developing acquisition strategy, providing actuarial appraisals, and forecasting changes to shareholder value
Shareholder value
Shareholder value is a business term, sometimes phrased as shareholder value maximization or as the shareholder value model, which implies that the ultimate measure of a company's success is the extent to which it enriches shareholders...

 and reactions from rating agencies

Risk management services

Tillinghast provides risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...

 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
Workers' compensation
Workers' compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence...

 cost management/integrated disability management, and enterprise risk management
Enterprise Risk Management
Enterprise risk management in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives...

 (ERM). Tillinghast's risk management services clients include 71 of the Fortune Global 500
Fortune Global 500
The Fortune Global 500 is a ranking of the top 500 corporations worldwide as measured by revenue. The list is compiled and published annually by Fortune magazine....

 companies.

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
Captive insurance
Captive insurance companies are insurance companies established with the specific objective of financing risks emanating from their parent group or groups, but they sometimes also insure risks of the group's customers as well...

 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 and a monthly newsletter Captive Insurance Company Reports.

Actuarial analysis

Tillinghast is the leading global actuarial consulting firm and the largest consulting employer of qualified casualty actuaries. 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
    Microsoft
    Microsoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...

     software to take advantage of the latest advances in technology.
  • MoSes: originally developed by Australia
    Australia
    Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...

    -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
    Financial services
    Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...

     companies
  • Life insurance
    Life insurance
    Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...

     companies
  • Property
    Property insurance
    Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main...

     and casualty
    Casualty insurance
    Casualty insurance, often equated to liability insurance, is used to describe an area of insurance not directly concerned with life insurance, health insurance, or property insurance. It is mainly used to describe the liability coverage of an individual or organization's for negligent acts or...

     insurance companies
  • Hospitals and managed care
    Managed care
    ...intended to reduce unnecessary health care costs through a variety of mechanisms, including: economic incentives for physicians and patients to select less costly forms of care; programs for reviewing the medical necessity of specific services; increased beneficiary cost sharing; controls on...

    organizations
  • Risk financing for all organizations

Notable awards

  • "Best Consultancy of the Year" by Reactions Magazine, 2007
  • "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
  • "Consultancy of the Year" for Services to the Re/Insurance Industry by Reactions Magazine, 2004
The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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