Willis Towers Watson Broker Michael Falvey Recognized as a 2019 At Large Power Broker
Michael Falvey, Executive Vice President, Willis Towers Watson
No challenge is too big for Michael Falvey.
When his client, a large publicly traded security contractor, came to him to try and reduce its mounting insurance costs, which were spinning out of control, he carried out an in-depth risk assessment and identified key areas of improvement.
They included converting its workers’ compensation program from an incurred loss deductible to a paid loss deductible, moving from a bundled claims handling platform to an unbundled platform and introducing medical cost containment into its claims handling process.
By implementing all of these changes, Falvey reduced the company’s annual insurance costs by 27 percent.
The client said: “Michael Falvey has been a wonderful business partner for the last four years. He and his team have worked hard to not only ensure that we have the best coverage options available but also provide exceptional customer service all year long.”
Falvey also helped another client, construction firm Precon Marine, to save more than $250,000 in its first year by switching to a specialist marine carrier, as well as securing affordable coverage for a large inventory of survey equipment that it leases to a subsidiary.
Alan Gemmell, VP of development and resources at Precon Marine, said: “Mike and his team have bent over backwards to ensure they know the finer details of our account.”
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by Risk Managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.