GERMANY - Consultancy Aon Hewitt has confirmed that it will become global actuary for the Bosch Group from 2012, marking the first time the German technology company has created a single actuarial mandate for all its operations worldwide.
Aon Hewitt will also provide services for Bosch's 250-odd benefit plans in 29 countries.
Bosch said the global actuarial mandate would significantly increase process efficiency in "complex benefits accounting".
Since 2007, Aon Hewitt has provided actuarial services for Bosch in Germany, while the technology company was worked with several preferred providers internationally.
But Niels Rasmussen, one of the managing directors of Aon Hewitt, told IPE: "It is an international trend for larger companies to work together with only one provider to better understand the risks in their international benefit plans."
He confirmed the contract with Bosch was long term.
In awarding the mandate, Bosch cited Aon Hewitt's effective interaction between regional services and central consolidation, as well as its "new focus on integrated aspects of governance".