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The DNA of Capitalism

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The DNA of Capitalism The DNA of Capitalism An Interview with Joseph J. Plumeri, Chairman and Chief Executive Offi cer, Willis Group Holdings plc EDITORS’ NOTE Appointed to his you only read stories about the claims How much is innovation a part of the current post in October 2000, and how diffi cult it was. Willis culture and is the insurance indus- when Willis was privately owned by Willis has been a leader in trans- try typically innovative? Kohlberg Kravis Roberts, Joe Plumeri parency. Is that an industry problem There is more innovation than people give successfully returned the company to and how critical is the issue? the industry credit for, but it’s not publicized. public ownership in 2001. Prior to Transparency goes hand-in-hand We have a system called WillPLACE that puts the joining Willis, Plumeri had a 32-year with how good you feel about what risk profi le together for our clients and directs career at Citigroup and its predeces- you do. The only time you don’t want them to the right markets where their needs will sor companies, including as CEO of to be transparent is when you think best be met and where their industry is best Citibank North America, Chairman there is an imbalance between what known. That system is a great innovation. Also, and CEO of Travelers Primerica you charge and what you provide. The some of the things we do with security are in- Financial Services, Vice Chairman value gap is the difference between novative, like with cyber risk, which is a form of the Travelers Group, and President Joseph J. Plumeri what somebody can do for them- of terrorism, and piracy, as well as with political and Managing Partner of Shearson selves and what you can do. If there risk, especially following Arab Spring. Lehman Brothers. Plumeri is Co-Owner of two New is no gap between those two things, there is no At Willis, we generally talk less about in- Jersey minor league baseball teams. He received his value, and if there is no value, there is nothing surance and work more toward understanding Bachelor of Arts degree in history and education to charge for. a company. If we have a good knowledge base from The College of William and Mary and also at- So the industry needs to provide a greater about that company, we are better able to dis- tended New York Law School. sense of value, and the better it does at telling cuss risk. people about the value in an exciting way, the Are you surprised at how closely busi- COMPANY BRIEF Willis Group Holdings plc easier it is to show that you get what you pay for. ness leaders in New York work together for (www. willis.com) is a leading global insurance What do you tell top talent prospects the betterment of the city? broker and, through its subsidiaries, develops to make them aware of how much this in- It’s imperative. Various business leaders and delivers professional insurance, reinsur- dustry offers? getting together to make sure the world knows ance, risk management, fi nancial and human I delete the word insurance and ask, how the value of New York City is good for every- resource consulting, and actuarial services to would you like to work in a business where body’s business, because the more people who corporations, public entities, and institutions nothing happens without it and that has been appreciate that they can be the benefi ciaries of around the world. Willis has more than 400 of- around 200 years and yet no one appreciates it, that value, the less chance there is for New York fi ces in nearly 120 countries, with a global team especially in a world that has gotten riskier? The to lose its base as the leader. of approximately 17,000 employees serving cli- risks that exist today are different than those of The center of fi nance, creativity, entrepre- ents in virtually every part of the world. the past. We are still going through a man-made neurship, and manufacturing should be New catastrophe – the economic recession and all York. Every business leader is responsible for You have been a leading spokesman for the risks that come with that. making people feel that New York is the place the insurance industry. Is there a growing For a young person to get involved in all of to be. awareness of the value of insurance? that as well as natural catastrophes is exciting. How critical is it to have a Mayor who No. In the 12 years I’ve been in this indus- What do you see for growth for Willis? understands the business community? try, I’ve been a cheerleader. Insurance is the Growth has to take place in the middle It’s essential. Government does not create DNA of capitalism. Without insurance, nothing class in Asia and in South America. In 2016, jobs or prosperity. It’s their responsibility to al- is built, nobody works, nothing fl oats, nothing you’re going to have six billion people and 60 low and help the private enterprise to create runs on tracks, and nothing ships. percent will live in cities, but they won’t be able jobs so its citizens can work and feel fulfi lled, But in addition to that, nothing is repaired, to live in those cities unless there are businesses and be honest, credible members of society. So which is what insurance is about. It’s a grudge pur- for them to work in. the partnership between government and pri- chase, but when it repairs that which happened That will usher in the golden age of insur- vate enterprise is essential. badly, it comes under the category of resurgence and ance because you can’t have that middle class The private sector’s responsibility is to rebuilding – it rebuilds lives, cities, and companies. build-up without businesses and those busi- ensure that they build businesses correctly so New Orleans would not be there today in nesses can’t be there unless they’re insured. there can be jobs that help the public good, its present form without the insurance industry I’m also bullish on the United States. It because with jobs you have a revenue base rebuilding it – most of the money came from the is important we understand that capitalism for the city, and the city can provide better edu- insurance industry, not FEMA. is dynamic and anything that is dynamic has cation, schools, and streets. The only revenue The World Trade Center would not be its day where it doesn’t do so well. But the a city gets is from taxes. The more jobs that rebuilt without the insurance industry, which dynamic will right itself because you have private enterprise can create, the greater rev- pumped $4.4 billion into it. entrepreneurs in this country and it’s our re- enue source they’re going to create. And you Communities that are wiped out by hurri- sponsibility to make sure their creativity is don’t have to raise that revenue by increasing canes are rebuilt by the insurance industry. But satisfi ed. taxes; just do it by creating more jobs.• 78 LEADERS POSTED WITH PERMISSION. COPYRIGHT © 2012 LEADERS MAGAZINE, INC. VOLUME 35, NUMBER 4.
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