Aon introduces suite of risk analytics tools
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Aon PLC on Wednesday unveiled a suite of tools intended to help organizations analyze risks and decide how to structure their insurance programs.
The broker-led analyzer tools are currently available in the U.S. for assessing and managing clients’ property, casualty and health risks.
Cyber and directors and officers liability analyzer tools are expected to be rolled out later this year, Aon said.
The risk analyzer tools are free to Aon’s clients, but there is a charge for risk financing analytics.
Aon’s risk analyzers are intended to help clients quantify their loss exposures and understand the tradeoffs between risk retention and risk transfer based on market pricing, said Joe Peiser, New York-based CEO of commercial risk at Aon.
Using the tools, brokers can explore program structures available in the market across insurance, reinsurance, alternative risk transfer and capital markets, Mr. Peiser said.
The tools are expected to be modified to be applicable in Europe, most of Asia Pacific and Latin America by the fourth quarter of this year.
As premiums and losses have increased, organizations’ C-suites are paying more attention to their risk financing programs, Mr. Peiser said.
“Clients are demanding a more quantitative analysis to help them in their decision-making,” he said.
Aon is also working on diagnostic tools, led by its consulting professionals, that are aimed at helping clients reduce their exposure to loss.
“For example, they could look at their workers compensation portfolio and look at root causes of loss and how they can address those to bring down the total cost of risk,” Mr. Peiser said.
Aon will showcase its analytic capabilities and run demos of its cyber and directors and officers liability analyzer tools at the Risk and Insurance Management Society Inc.’s Riskworld conference in San Diego, which opens May 5.
