Global insurance and reinsurance broker Aon has unveiled its new Strategy and Technology Group (STG), designed to combine a broad range of insights and software solutions to assist P&C and life re/insurance clients develop flexible and resilient enterprise structures.
According to the broker, STG brings together strategic consulting – including claims efficiency, performance benchmarking, market share data/trends, actuarial analysis, and capital structuring and access – with a technology suite that includes Tyche, ReMetrica, and PathWise.
It’s been developed over the past year and, according to the international re/insurance broker, will help clients deploy capital efficiently and effectively across an enterprise.
“Forward-thinking insurance companies are helping drive the economy by protecting businesses, governments and communities. To meet shareholder and societal demands, while delivering sustained growth and profitability in a competitive landscape, insurers need the resilience and capacity to address increasing current and future risks,” said Eric Andersen, President of Aon.
“STG helps facilitate this process for clients, de-risking and futureproofing their businesses to take advantage of the opportunities that exist in today’s volatile environment by making better business decisions,” he added.
The new group, which is comprised of a 400-strong team, creates highly customised solutions that help clients explore profitable opportunities, bolster enterprise efficiency, and drive financial health. At the same time, STG will help to expand geographies and products, add value to share price, and simplify organisational structures.
Coupled with the broker’s insurance industry expertise and global network, STG’s insight and software are further enhanced by the ability to execute re/insurance transactions, where needed, to provide a holistic service with practical, implementable solutions for clients, says Aon.
Leading STG as its CEO is Colin Forrest, the previous EMEA leader of WTW’s Insurance Consulting & Technology (ICT) practice.
Forrest said: “The re/insurance industry is facing a huge range of challenges that are placing pressure on profitability and creating a need to modernize. However, these challenges also offer an opportunity for companies to reinvigorate their business and differentiate themselves in the market. In STG, we are combining experience and proven outcomes with the energy and ideas of a start-up to create innovative solutions to build more resilient firms. We fully recognize the need from re/insurers for a trusted advisor embedded in the industry, bringing sector knowledge and the ability to deliver relevant capital-enhancing transactions.”
The new team is chaired by Nick Frankland, previously UK CEO for Aon’s Reinsurance Solutions. Initially, STG will focus on the P&C and life sectors before expanding across firms seeking to match risk and capital including insureds, captives, private equity, hedge funds and investors.
