Aon Corp.Posted On: Nov. 27, 2011 12:00 AM CST
Aon Corp. this year focused much of its business on “risk and people” as it worked to deliver the insurance brokerage's services to clients around the world.
That strategy appears to be working, as Aon is being recognized in the 2011 Business Insurance's Buyers Choice Awards, having earned a tie for top honors in the category of service provided to large buyers.
“We've invested more in content and capability than any other firm in the industry,” said Steve McGill, chairman and CEO of Aon Risk Solutions, Chicago-based Aon's global risk management business. “Certainly that's been apparent in the last three years as we've gone on a journey of developing leading-edge services and solutions for our clients.”
The brokerage's acquisition of London-based reinsurance broker Benfield Group Ltd. in 2008 and its 2010 acquisition of Lincolnshire, Ill.-based human resources consultant Hewitt Associates Inc.—the largest deal in the company's history—have reinforced Aon's commitment to risk and people.
In addition, the Aon Global Risk Insight Platform, which the broker developed in 2008, has identified opportunities for Aon to develop exclusive products for its clients, Mr. McGill said.
Aon GRIP “is the most comprehensive proprietary database of risk information in the world. We believe that gives to our brokers, our strategic carriers and our clients unique, fact-based insights of what is going on in the industry,” Mr. McGill said.
One of the services provided through Aon GRIP is discerning how the brokerage matches insurers' risk appetites with client needs, Mr. McGill said.
For example, in the United States, Aon developed a product offering in the liability arena that eliminated the need for collateral for middle-market clients.
Such offerings “were developed exclusively between Aon and carriers for the benefit of our clients,” Mr. McGill said. “These product offerings were identified by the Aon GRIP solutions team connecting with our colleagues in Aon broking and connecting with and understanding the needs of our clients.”
In addressing some of the challenges of crossing the divide when it comes to risk management and human resources services, Aon created a dedicated team, Aon One, to provide integrated solutions across ARS and Aon Hewitt.
“When we look at risk and people, there are some fairly logical connections,” Mr. McGill said.
While Aon develops integrated solutions for all clients across all the segments, larger multinational organizations often focus their risk management and HR programs using captives or self-insurance and are more complex, Mr. McGill said.
Through its Global Client Network of nearly 1,200 professionals that provide multi-national services to clients of all sizes, Aon has a consistent approach.
“At a time where managing regulatory risk and compliance risk is increasing in importance, having a window to the world through a cohesive network like Aon is giving our clients a clarity that they don't have with many of the other firms,” Mr. McGill said.
View profiles of all the honorees here.