Global insurance and reinsurance broker Aon has announced the release of the latest version of its workers’ compensation cost management tool, Aon Spectrum Analytics.
The brokerage states that its interactive analytics tool provides organisations with the ability to help manage Total Cost of Risk (TCoR) and track quarterly performance as part of an improved casualty value proposition.
Now, both Aon Casualty Laser, a patented casualty diagnostic that identifies retained loss costs savings, and Aon Spectrum Analytics will be included as part of the service delivery for eligible casualty clients, says Aon.
Christopher Iovino, Managing Director, Aon Global Risk Consulting, said: “The inclusion of these tools will reinforce Aon’s commitment to data and analytics, provide valuable insights for our clients, and help improve the client’s risk profile and demonstrate the client’s progress in TCoR reduction. Aon’s brokers will utilize the insights from these tools to negotiate improvements in risk transfer, financing and collateral, and support marketing efforts.”
Joe Galusha, Group Managing Director, Aon Global Risk Consulting, added: “Since its initial launch in 2017, Spectrum has continued to identify cost savings opportunities through interactive innovative analytics. Multifaceted enhancements included in Aon Spectrum Analytics® will broaden the ability to implement solutions to support a continuous improvement model.
“Spectrum is just another example of our commitment to innovative technology to create actionable analytics to help our clients lower costs.”
An announcement states that the new version provides risk leaders with an interactive W/C claims dashboard that leverages benchmark results from Aon Casualty Laser with leading advisory consultation, to identify cost saving opportunities and monitor performance.
Jessica Morgan, Vice President of Risk and Safety at ABM Industries, commented: “Aon’s Spectrum Analytics Dashboard has been successful in combining disparate data elements providing our Risk, Safety and Claims managers with unique insight into loss patterns and expense drivers that were not previously identified.
“Combining the Laser database results, suggestions by the Aon consultant, and utilizing ABM’s safety professionals, we have been successful in implementing target programs to improve safety records and positively impact our employees’ work experience.”
