Friday, May 17, 2024

Giving You an Analytical Lens to More Accurately Assess Your Risk Posture

Aon has officially announced the launch of a new suite containing risk analyzer tools that will allow brokers in North America to receive exposure data, quantify loss potential, and at the same time, make better decisions based on total cost of risk. Talk about the whole value proposition on a slightly deeper level, we begin from promise of data quality assessments that allow for you to improve model efficacy and the price of risk. Next up, we must get into the suite’s ability to bring modeled results at a location level so to distinguish between natural catastrophe-driven exposure and attritional loss exposure. Then, there are in play a set of risk finance options. These options basically bear the responsibility to let brokers explore program structures potentially available in the market across insurance, reinsurance, alternative risk transfer, and capital market solutions. Markedly enough, the suite in question will also conduct, on your behalf, a performative testing of insurance structures, something which measures the total cost of risk of insurance against other risk transfer solutions.

“Aon’s Risk Analyzers expand the risk insights that brokers can provide to advise clients,” said Joe Peiser, CEO of Commercial Risk at Aon. “They transform the focus beyond just expected loss, allowing risk managers to better communicate the fundamental value that insurance provides. By offering these powerful insights, we are enabling clients to make more-informed decisions regarding their risk management and risk financing strategies.”

Making this suite’s introduction all the more important is, of course, the fact that it will join Aon’s already far-reaching and intelligible portfolio. As for what does the stated portfolio has in its current shape and form, it has one dedicated Casualty Risk Analyzer, a solution tasked with using a client’s loss and exposure data to evaluate their catastrophic risk potential, as well as optimize their casualty insurance program. Alongside that, we have comprehensive Risk Financing Analytics. These analytics are responsible for helping organizations optimize the balance between risk tolerance and risk transfer decisions across their entire insurance portfolio. Aon also operates a Health Risk Analyzer solution, which allows organizations to model and assess financial risks associated with high-cost medical plan claimants, and therefore, explore strategies to budget for, manage and reduce high-cost claimant risk. Hold on, there is more, considering we still haven’t touched on the presence of a D&O Risk Analyzer. This one is all about testing insurance options that help adequately protect directors, officers, and organizations from executive risks. Joining them all is a specialized Cyber Risk Analyzer, which tends to incorporate insights gained from Aon’s Cyber Quotient Evaluation platform for the purpose of optimizing a client’s strategy when it comes to managing and transferring cyber risk.

“The new tools launched under Aon Actionable Analytics are designed to give clients swift access to analytics and thereby increase control over their insurance program structure,” said Mindy Simon, chief operating officer at Aon. “This broker-led technology enables organizations to make data-driven decisions to enhance the value of their insurance. This is just the start of the transformative capabilities Aon will be delivering to serve clients in making better decisions.”