NEW YORK (Tuesday, November 30, 2010)
Companies will partner to offer seamless integration of health and welfare administration and account-based health plan services
Towers Watson (NYSE, NASDAQ: TW), a global professional services company, announced today that it has formed a strategic partnership with WageWorks, Inc., the nation's leading provider of account-based health plan services, that will enable employers to leverage both companies' strengths in the administration of health and welfare benefits.
The partnership will provide seamless integration of services for employers that outsource their health and welfare benefits administration to Towers Watson, and account-based health plan services - such as flexible spending accounts, health savings accounts, health reimbursement accounts and commuter benefits - to WageWorks. The partnership will enable employers to consolidate their benefits administration services under a unified contract with a single set of service-level agreements to reduce their overall administration costs. It will also allow participants to access and manage their benefits through an integrated participant self-service platform and call center, which will provide a superior and streamlined service experience.
"This partnership brings together two leading organizations that share a mutual commitment to providing employers and their employees a best-in-class experience," said Pat Amendola, North America leader of Technology and Administration Solutions at Towers Watson. "We selected WageWorks for its service reputation, leading-edge technology and market leadership. We are very excited to provide our clients with a truly integrated solution for their health and welfare benefits administration."
"Towers Watson has an outstanding reputation for providing innovative benefits administration solutions to employers," said John Doheny, senior vice president of sales at WageWorks. "We view this new partnership as a win-win for our mutual customers, who will clearly benefit from the seamless access to our combined solutions."
More than one dozen existing clients are jointly served by both firms, and several new clients are expected to take advantage of the partnership in 2011.
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 employee 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 http://www.towerswatson.com.
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WageWorks (NYSE: WAGE) is a leader in administering Consumer-Directed Benefits (CDBs), which empower employees to save money on taxes while also providing corporate tax advantages for employers. WageWorks is solely dedicated to administering CDBs, including pre-tax spending accounts, such as Health Savings Accounts (HSAs), health and dependent care Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), as well as Commuter Benefit Services, including transit and parking programs, wellness programs, COBRA, and other employee benefits. WageWorks makes it easier to understand and take advantage of Consumer-Directed Benefits for 58,000 employers and approximately 4.5 million people. WageWorks is headquartered in San Mateo, California, with offices in major locations throughout the United States. For more information, visit www.wageworks.com.