46
Global Trends in Employee Benefits Management Presented by Wil Gaitan Senior Vice President – Aon Hewitt June 1, 2017
Global Trends in Employee Benefits Management
Presented by Wil Gaitan Senior Vice President – Aon Hewitt June 1, 2017
Content
Introduction
Global Socioeconomic Background
Global Factors Influencing Global Benefit Trends
Highlights of Aon Hewitt 2017 Global Medical Trend Rate Study
American Benefits Institute and Aon Hewitt Global Benefit Governance Study
Open Forum
Appendix
1
Introduction
Global Socioeconomic Background
A Historical Perspective of Global Economic Change
US vs. UK - 1850
Population and GDP
2328
50
60
0
10
20
30
40
50
60
70
US
Population (millions) GDP (billions, 2000 constant dollars)
UK
US vs. UK - 1950
Population and GDP
150 50
2,006
316
0
500
1,000
1,500
2,000
2,500
US
Population (millions) GDP (billions, 2000 constant dollars)
UK
4
21st Century
US vs. China - 2010
Population and GDP
3081,390
14,660
5,878
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
US
Population (millions) GDP (billions, 2010 constant dollars)
China
US vs. China - 2050
Population and GDP
420 1,550
38,514
70,710
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
US
Population (millions) GDP (billions, 2006 constant dollars)
China
5
2050 Top Economies
6
2015 2050
PPP
Rank Country
GDP
(2015 USD bn) Country
GDP
( USD bn*)
1 China 19,392 China 61,079
2 United States 17,947 India 42,205
3 India 7,965 United States 41,384
4 Japan 4,830 Indonesia 12,210
5 Germany 3,841 Brazil 9,164
6 Russia 3,718 Mexico 8,014
7 Brazil 3,192 Japan 7,914
8 Indonesia 2,842 Russia 7,575
9 United Kingdom 2,679 Nigeria 7,345
10 France 2,647 Germany 6,338
11 Mexico 2,227 United
Kingdom 5,744
12 Italy 2,171 Saudi Arabia 5,488
13 South Korea 1,849 France 5,207
14 Saudi Arabia 1,683 Turkey 5,102
15 Canada 1,632 Pakistan 4,253
Global Economy Shift in Progress
Sources: IMF (2015), PWC (2050)
Emerging Market and Developing Economies
Advanced Economies
GDP Based on Share of World Total (%)
7
Two Key Trends Among U.S. Multinationals
Foreign affiliates of U.S. multinationals
bringing in a higher percentage of net
income relative to U.S. domestic
business
Multinational companies increasing
investment and staff counts outside the
USA
8
26
North America
Western Europe
Japan & S. Korea 9
Australia &
New Zealand
Other advanced
1980 2013 profit % by region
Advanced Emerging
26
25
9
3
5
China
Latin America
ASEAN 9
India
Other emerging
14
5
1
5
6
World Company Profits - Evolution and Geographical Distribution
$2T profit
7.6% of world GDP
$7.2T profit
9.8% of world GDP
1980
2013
Net After Tax Profit
SOURCE: McKinsey Global Institute: Playing to Win September 2015
Companies from advanced economies earn more than two-thirds of global profits, and Western
firms are the world’s most profitable.
Profits are increasingly shifting from heavy industry to idea-intensive sectors
Sectors such as pharmaceuticals, media, finance, and information technology have the highest
margins
Meanwhile, margins are being squeezed in capital-intensive industries
Emerging economies now account for 40 percent of global revenue
9
Growth of Corporate Profits Expected to Decline
Global
NOPLAT1
profit pool by
2025
7.9%; $8.6
trillion, in 2013
dollars
Source: World Bank; OECD;
Bureau van Dijk; European
Commission AMECO database;
US Bureau of Economic
Analysis; IHS; Oxford
Economics; McKinsey
Corporate Performance
Analysis Tool; McKinsey Global
Institute
2013
100% = $7.2 trillion Other
Emerging2
5.2
31.8 Emerging
India 1.4
ASEAN 4.9
Latin America 5.7
China 14.5
Other
Advanced2
5.3
68.2 Advanced
Australia and
New Zealand
2.2
2.5
Japan 6.7
North America 26.4
Western
Europe 25.2
2025
100% = $8.6 trillion
Other Emerging2 5.3
37.7 Emerging
India 2.1
ASEAN 2.4
Latin America 6.8
China 21.1
Other Advanced2 5.1
62.3 Advanced
Australia and
New Zealand
2
1.7
Japan 7.3
North America 25.1
Western Europe 21.1
10
1 Net operating profit less adjusted taxes.
2 “Other advanced” refers to Hong Kong,
Taiwan, and Middle Eastern countries;
“other emerging” refers mainly to Russia,
Eastern Europe, and Africa. NOTE:
Numbers may not sum up due to rounding
World Corporate Profit Projections and Key Challenges
A more competitive world A more uncertain environment and
slower profit growth
$8.6T profit
7.9% of world GDP
2025
Many more companies fighting for market share
Volatility and swings in corporate performance
Profits shifting to idea-intensive sectors, which produce big winners
Margin pressures on capital-intensive firms
Emerging-
market
companies Tech and
tech-enabled
firms
Small and
Medium-sized
Firms
Rising cost
and war for
talent
SOURCE: McKinsey Global Institute: Playing to Win September 2015
11
Characteristics of Winning Firms - McKinsey
McKinsey analysis of 20,000 companies indicates that winning firms differentiate
themselves in three main ways:
Pursuing fast-growing markets
Build intellectual assets
Efficient operations
Especially in emerging markets despite initial difficulties
Non-US profits of US companies have grown twice as fast as domestic
1
2
3
Investing in R&D and more idea-intensive products
Building strong brands
Lower production costs per unit of sales
Efficiency is critical in order to sustain innovation over increasing competition
SOURCE: McKinsey Global Institute: Playing to Win September 2015
12
Global Factors Influencing Global Benefit Trends
Talent Sourcing in Emerging Markets – Challenges
Source: 2017 Aon Global Risk Management Report
Studies suggest
multinational
companies only find
10-25% of new
graduates employable
and massive skill
shortages for mid-
level management
positions
India, Brazil, China,
Mexico, S. Africa, and
Turkey are all rated
as having “severe”
employability
challenges by World
Economic Forum
Huge
Talent
Gaps
Studies suggest only
28.5% of Indians
showed “high intent”
of staying with current
company (global is
60%)
Attrition is over 20%
in China, 40% in
Brazil
Retention
is Difficult
14
Factors that Impair Staffing for Multinationals in Emerging Markets
Source: McKinsey
While the numbers of qualified staff are large, a multinational company would still find it
hard to match its demand for talent with available local supply due to the three main
factors:
15
1
2
3
Limited suitability:
Lack of language skills
Deficiencies in vital areas of
the education system
Lack of cultural fit
Dispersion of local labor
force (unwillingness,
inability to relocate
within country)
Domestic competition for talent
(offering better cultural fit and
career growth opportunities)
In short, on
average only
13% of
technically
qualified
university
graduates are
fit for hiring by
multinationals
Employee Benefits – Fundamental Pillar to Hire and Retain Employees
16
Source: Aon Hewitt Global Employee Engagement Survey
Multinational Company Benefits Related Challenges
Advent of Emerging Economies:
• Small skilled labor pools
• Opening of large domestic markets
• Expanding middle class Social program benefit curtailments
Spiraling benefit cost patterns particularly
medical and pension plans
Growing employee awareness and demands
for employer-provided benefits
Rising prevalence of non-communicable
diseases
Loss of employee productivity due to illness
and morbidity
Tighter government regulation of benefits
programs
Dire understaffing of benefit management
personnel
Relentless cost-containment initiatives
Global Population Ageing:
• Longer life expectancies
• Older workers
• Smaller national labor forces
• Staff more prone to illness
Declining Health Habits:
• Poor diets
• Sedentary lifestyles
• Alcohol and tobacco use
• Inadequate stress management
Macroeconomic Factors:
• Transition to a service economy
• Intense global competition
• Low interest rates
• Internet and consumerism
17
Projected World Population Ageing
Source: United Nations
Me
diu
m
Va
ria
nt
18
Global Health Trends
Per Capita Consumption of Coca Cola Products:
19
Lifestyle risk factors are growing globally—the global burden of NCDs is greater than
that of communicable diseases
Macro-Trends – Non-Communicable Diseases (NCDs)
Source:: U.S. Department of State; National Institutes of Health. Source: International Diabetes Federation
Number of People with Diabetes
(20–79 years old)
Country 2011
(Millions)
Country
2030
(Millions)
1. China 90.0 1. China 129.7
2. India 61.3 2. India 101.2
3. US 23.7 3. US 29.6
4. Russia 12.6 4. Brazil 19.6
5. Brazil 12.4 5. Bangladesh 16.8
6. Japan 10.7 6. Mexico 16.4
7. Mexico 10.3 7. Russia 14.1
8. Bangladesh 8.4 8. Egypt 12.4
9. Egypt 7.3 9. Indonesia 11.8
10. Indonesia 7.3 10. Pakistan 11.4
20
89%
3%7%
44%
44%
12%Non-communicable
Communicable
Injuries
2002
Low/Middle Income Countries
85%
6%9%
54%32%
14%
High Income Countries
Low/Middle Income Countries High Income Countries
Increasing Burden of
Chronic Non-Communicable Diseases
2030
Global Employee Regulation
Curtailed social programs
New or increased mandated benefits
Guaranteed minimum ROR on defined contribution plans
Mandated post-retirement medical plan coverage
Higher DB retirement severance
Mandatory coverage of domestic partners, same sex partners
Adverse taxation of employee benefits
Anti-discrimination, mandated broad based benefit plan coverage
Compulsory coverage of expatriates under local social programs
Special employee benefit rights upon corporate transactions
Mandated benefit communication to employees
Increase disclosure and reporting requirements to government authorities
21
Case Study - Occupational Medical Benefits in the USA
Provision of employer-sponsored medical plans has become mandatory in the USA
Most U.S. employers with 1,000 or more employees are self-insured
Those employers essentially become health insurers:
– Unlimited liability exposure at the individual and aggregate levels
– Company bears financial risk
– Non-profit seeking
– Compliance/legislative oversight
– Fiduciary role
– Plan administration – active and inactives
22
USA - Health Care Cost Increases are a Core Business Issue
Since 2006 2016
Total Cost 52% increase Nearly $13,000 per employee annually
Employer 40% increase $8,000 average spent per employee
Employee 82% increase of out-of-pocket and
payroll contributions $5,000 average spent per year
Some estimate that health care costs will
continue to rise at 9% per year
With employee pay typically rising at 3%
per year, compare a 19% pay increase
to an 82% health care cost increase over
the past 5 years
23
64%
10% 26%
56% +15%
14%
30%
61% +23%
12%
27%
USA – Benefit Costs vs. Average Employee’s Total Compensation
Total
Compensation
Benefits
Spend
Retirement
Paid Leave
Mandated
Health
Healthcare
Spend
2004 2014 2024
+25%
CPI +26% CPI +25%
As % of Total Compensation 11% 12% 15%
Employer Funded Benefits
Employee Funded Benefits
Remaining Compensation
+30%
30%
37%
18%
15% 32% (+50%)
34% (+26%)
18% (+40%)
16% +46% 35%
(+52%)
32% (+31%)
18% (+21%)
15% (+53%)
+40% +41%
Sources: Bureau of Labor Statistics: Employer Costs for Employee Compensation; Bureau of Labor Statistics:
Consumer Expenditure Survey; CBO Budget and Economic Outlook: 2014 to 2024
24
Highlights of Aon Hewitt 2017 Global Medical
Trend Rate Study
Concept of a Medical Trend Rate
• Some causes for the annual increases in
employer medical plans are easily explainable
and understandable
• Aging of the covered census
• Increases in number of covered members
in plan
• Improvements in benefit plan provisions
• Like every other good or service that we
buy, the costs of medical services obtained
through employer plans are subject to
inflation, as measured by changes in the
consumer price index
• For many years, however, the unit costs of
employer sponsored medical plans have been
experiencing systemic cost escalation well
beyond the ‘normal general’ inflation levels
• In light of this situation, plan sponsors have
come to rely on the concept of medical trend
rates as better indicators of upcoming
baseline cost increases of their plans
• Medical trend rates represent the percentage
increases in unit costs of insured and self-
insured medical plans due to:
• These factors have an additive effect on the
price increases that employers experience in
financing their medical plans
‘Regular’ price
inflation
Leveraging effect
of fixed amount
elements in plan
design
Cost shifting from
social programs
Higher cost of
technological
advances in
medical field
Community-wide
expected
increases in plan
utilization
1 3
4 5
2
26
* Mexico is included as part of Latin America
About the study…
• Survey of Aon global offices under the
direction of Aon’s Corporate Chief Actuary –
Health
• Based on analysis of the portfolios of group
medical plans handled by Aon in each country
• The 2017 trend rates were prepared based on
2017 retail inflation projections published by
the IMF World Economic Outlook Database in
April 2016
• Two sets of medical trend rates are presented:
‒ Trend rates gross of domestic general inflation
‒ Trend rates of domestic retail inflation rates
• Our trend rates do not consider any mitigation
initiatives by plan sponsors to fight trend
2017 Aon Hewitt Global Medical Trend Rate Study
Report covers 91 countries
2* North America
21*
Latin America
29 Europe
22
Middle East/Africa
17
Asia/Pacific
27
Rising Cost of Healthcare – A World-Wide Challenge
• For 2017, the average global medical trend rate is 8.2%, which is 5.4% higher than average global general
inflation of 2.8%
• According to our surveys, high levels of medical premium inflation have been sustained for many years:
4.34% 4.23% 4.00%
2.90% 2.80%
10.14% 10.34% 10.15%
8.10% 8.20%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
2013 2014 2015 2016 2017
General Inflation Medical Trend Rate
28
2017 Global and Regional Average Medical Trend Rates Highlights
2016 2017
Annual General
Inflation
Rate (%)
Annual Medical Trend Rates Annual General
Inflation
Rate (%)
Annual Medical Trend Rates
Region and Country Gross (%) Net (%) Gross (%) Net (%)
Global 2.9 8.1 5.2 2.8 8.2 5.4
North America 1.5 6.0 4.4 1.6 6.3 4.7
Latin America &
Caribbean 6.4 13.6 7.2 6.0 14.2 8.2
Europe 1.6 5.9 4.2 1.6 5.7 4.1
Middle East & Africa 6.3 11.6 5.3 6.7 14.3 7.6
Asia 3.2 9.4 6.3 2.9 8.9 6.0
Notes:
The average Global, Latin America and Venezuelan medical trend rates for 2016 have been recalculated due to the exclusion of Venezuela in
2017 as an outlier
The US trend rate incorporates the cost of prescription drugs
29
Cardiovascular
Cancer
Respiratory
Identifying the Root Causes of Adverse Medical Claim Experience
• Regional Peculiarities:
– Obesity in Latin America, and Smoking in Europe and some Asian countries figure among the top
3 risk factors
– Infectious diseases and gastrointestinal issues continue to be an important medical condition in all
regions
– The cost of clinics and labs are among the top 3 most important medical claim elements in Asia
Pacific and Europe
Top 3 reported global risk factors
Top 3 most impactful elements of
global medical plan costs
reported:
Top 3 reported global medical
conditions
High Blood Pressure
High Cholesterol
Physical Inactivity
Hospital
Physician Services
Prescription Drugs
Source: Aon Hewitt 2017 Global Medical Trend Rate Survey Report
HIGH
30
Mitigation Initiatives
Source: Aon Hewitt 2017 Global Medical Trend Rate Survey Report
Top 3 global mitigation initiatives to control medical plan cost escalation:
Cost Sharing
Provider Networks
Plan Changes
65
43
13
41 35
85 75 77 74 75
0102030405060708090
Detection Education
Programs
Coaching
Programs
Wellness
Interventions
Advanced
AssessmentPrograms
Commonly Provided across all Employers
Provided by Progressive Employers
At a strategic level, employers are making increasing use of Wellness initiatives
“Progressive Employers” were defined as employers of choice in each territory
Wellness interventions by category
Detection Employer
wellness Education
Advanced
assessment
Physical
check-up Quit smoking
General health
communication Heart health
Vision
screening
Employer
Assistance
Web based
information
Advanced
check-ups
Mammograms Physical
activity Wellness kits Nutrition
31
Conclusions
Having a healthy workforce will become a business imperative for
sustain corporate success
Medical plans and wellness programs will form an integral part of
total rewards required to attract and retain employees
Medical plan costs will continue to escalate and long tail liabilities will
continue to inadvertently emerge
Deep financial acumen and targeted wellness and prevention
initiatives will be required to control costs and avoid/mitigate
liabilities
HR function will play a more critical role in ensuring adequate staffing,
a productive workforce at affordable costs Optimal Economic
Impact
32
American Benefits Institute and
Aon Hewitt Global Benefit Governance Study
Global Benefit Governance
“Governance is the act of governing. It relates to
decisions that define expectations, grant power, and
verify performance”
“In the case of a business, governance relates to
consistent management, cohesive policies, guidance,
processes and decision-making authority for a given
area of responsibility”
Global Benefits Management in Practical Terms
What do I
offer?
• Initial Benefit
Inventory
• Continuous
maintenance
MNL Global
?
Is it
compliant?
• Compliance
Review
• Legislative
Tracking
MNL Global / Local
?
Does it meet
my
objectives?
Alignment with:
• Local objectives
• Global policies
MNL Global / Local
?
Can I achieve
better
financial
value?
• Local financial
basis/pricing
• Aggregation
tools for global
leverage
MNL Global / Local
?
What is the
employee
experience?
• Benefit value
• Transactional
services
MNL Local
?
Key Responsible Party within MNL
Who is Doing it Systematically
35
35
Aon’s Global Benefit Governance Study
About the study…
Second of an ongoing study
conducted by American Benefits
Institute and Aon Hewitt.
In-depth analysis of how
companies make and execute
strategic benefits design, financial
and operational decisions.
Focused on following key areas of
corporate benefits governance
and operations
– Drivers of corporate oversight
and control
– Effectiveness of governance
and operations
– Correlation between business
outcomes and best practice
Participant profile
205 participants headquartered in
– North America: 58%
– Europe: 35%
– Rest of the world: 7%
Worldwide employees
– 100,000 or more: 23%
– 25,000 – 100,000: 31%
– Less than 25,000: 37%
Operational complexity
– 40% with more than 7 business lines
– 44% operate in more than 50
countries
– Almost all have 50% or more
employees outside HQ country
Most respondents are HR leaders with
responsibilities for managing benefits in
HQ country and international locations
36
Which Business Issues Are Your Company Facing?
Active cost management and cost cutting
Reengineering operating model to better serve customers and address competitive pressures
Flat or sluggish organic growth
Ageing population
Growth due to mergers and acquisitions
Workforce diversity
Reengineering business/expanding into new products and services
Restructuring/divesting/spin-offs
Talent shortage
Investing for growth
Increased focus by regulators and credit rating agencies
Workforce contraction/lay offs
Significant organic growth
Low engagement and productivity/undesired employee turnover
Negative growth
Significant hiring/workforce expansion
77%
60%
55%
54%
48%
46%
44%
40%
40%
36%
31%
24%
18%
15%
15%
11%
42%
40%
12%
9%
47%
31%
33%
17%
46%
64%
16%
5%
48%
14%
3%
24%
Emerging markets
Mature markets
Aon Hewitt Latest Global Benefit Governance Study
37
Aon Hewitt Latest Global Benefit Governance Study
What are the most important benefit plan issues you are facing?
38
What Actions Will You Take To Tackle
Key Employee Benefit Issues?
53%
42%
52%
41%
8%
15%
10%
20%
52%
38%
12%
18%
45%
24%
28%
10%
31%
27%
31%
57%
51%
60%
49%
42%
56%
37%
29%
67%
44%
12%
42%
67%
26%
31%
27%
21%
56%
37% Improve compensation programs and long-term incentives to attract
and retain talent
Redesign benefits to promote individual responsibility and flexibility of
choice
Provide/improve supplementary or private health insurance
Address age-related aspects of benefits (eg, longevity issues, elder care,
coverage for aging parents etc.)
Provide/improve risk benefits such as life insurance and disability benefits
Provide/improve retirement benefits to improve employees' financial security
Implement health/wellness strategies
Implement financial wellness strategies
Provide/improve other benefits such as allowances
Improve work environment and career development benefits
Improve communications of benefits and employee education
Review benefits for non-unionized workforce
Negotiate benefit plan changes/reductions with employee representatives such
as unions, works council
De-risk pension plans
Settle pension risks via actions such as lump sum payments or buy-out/ins
Finance benefits through captives, multinational pools, etc.
Implement stricter oversight and control at corporate level for design
changes or when establishing new plans
Implement stricter oversight and control at corporate level for financial decisions
such as investments and funding of plans
Leverage global purchasing scale to reduce cost of operations
Emerging
markets
Mature markets
Source: Aon’s Global Governance Study 2016
39
Current and expected future level of centralization in benefit management
Locally maintained
A web-based common technology
platform for local countries and
corporate
Local management/HR has
complete autonomy
Corporate provides specific and
prescriptive guidelines
Locals do not seek approvals
when making decisions
Corporate provides clear
guidelines on when and how to
seek approvals for decisions
Local country benefits
department
Shared services or Centre of
Excellence (COE) approach
Locals make all purchasing
decisions
Global providers with global
master service agreements
(where available)
Local responsibility
for compliance
Corporate audits and control
processes to ensure compliance
with company policies
Defined only by fiduciary
requirements
Formal governance is established
with corporate and local
committees
-24%
-12%
-28%
-11%
-21%
-5%
-34%
-15%
-39%
-13%
-26%
-19%
-40%
-13%
22%
40%
31%
32%
35%
31%
19%
35%
21%
53%
25%
48%
23%
49%
10%
36%
26%
54%
34%
62%
20%
37%
11%
28%
12%
24%
17%
36%
-43%
-13%
-15%
-3%
-11%
-2%
-27%
-14%
-28%
-6%
-36%
-9%
-19%
-3%
How is data on benefit plans maintained?
Who is responsible for making strategic benefits decisions?
What is the approval process for making employee benefits related decisions?
What is the current staffing model?
How are purchasing decisions made for employee benefits service providers?
How is the management of employee benefit plans audited?
What is the governance model?
Somewhat like A Very much like A Somewhat like B Very much like B
Current
+3 years
Current
+3 years
Current
+3 years
Current
+3 years
Current
+3 years
Current
+3 years
Model A Model B
40
Key Conclusions
Drivers of
Centralization
Key
Challenges
Best Practice
Senior management and corporate finance primarily concerned about
costs/risks
Corporate HR primary concerns more diverse: increasing demand and lack of
appreciation of benefits plans and health wellness of employees
We expect financial concerns, regulatory risks, and lean benefits staffing will drive
greater centralization of managing all benefit programs that first started with
defined benefit pensions
Knowledge management: companies struggle to have access to data and
market information, and insights into risks and opportunities
Execution of strategy: companies often don’t employ disciplined governance
protocols and don’t have the necessary infrastructure to execute their benefits
strategy
Effectiveness across all measures of governance and adoption of formal
governance protocols categorically drive better business outcomes
Best Practice companies report effective oversight of their compensation and
benefits plans, and alignment of benefits with broader organizational and
workforce corporate objectives
Best Practice companies have higher confidence levels in managing design,
financial and operational risks of their global benefit programs
41
Key Conclusions - Five Measures of Good Governance
1 Corporate HR and finance functions have the requisite data and information on their global benefit programs
2 Companies are aware of benefit costs and risks, and the opportunities to manage them
3 Companies have defined specific plan design and risk management policies to reduce risks that they believe are important to manage
4 There is an operating model with roles and responsibilities allocated at corporate, regional and local levels to execute the company’s strategies
5 Companies monitor such risks on an ongoing basis and report to corporate functions
Kn
ow
led
ge
Man
ag
em
en
t
Stra
teg
y a
nd
Execu
tion
42
Open Forum
? Questions
44
About the Author
Wil Gaitan
• Wil is an International Consulting Actuary and a Total Rewards Consultant.
• He has been in the consulting field for nearly 40 years and has extensive experience working with
corporate HQ’s of multinationals as well as delivering on-site advice in 60 countries to subsidiaries
and local companies on five continents – Asia, Europe, Middle East, Africa, North America and
South America.
• Wil has been based in New York and Chicago in the Americas for 20 years, in Europe for 10 years
and in Asia for 7 years providing advice to multinational and domestic entities and managing the
operations of five consulting offices on these continents
• He has been a lecturer at Roosevelt University in Chicago, at the Ateneo Graduate School of
Business in the Philippines, and at Marquette University in Wisconsin on actuarial mathematics and
insurance topics
• Wil is a frequent public speaker and has written many articles and essays on employee
compensation and benefit topics in globally circulated publications. His research has been cited in
the Wall Street Journal, New York Times, Forbes Magazine, Bloomberg, Yahoo Finance and other
financial publications.
200 E Randolph Street, Chicago, IL 60601
Office: 312-381-5008
Mobile: 312-961-4375
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