Global insurance and reinsurance broker Aon has launched a suite of risk analyser tools, allowing brokers in North America to receive exposure data, quantify loss potential and help risk managers make decisions based on the total cost of risk.
The broker will showcase the new analytic capabilities at the Risk Management Society’s (RIMS) RiskWorld conference in San Diego, California.
The latest release under Aon Actionable Analytics, this tool provides exposure visualizations, models potential losses and simulates the effect of different insurance policy options to determine which risks clients should retain or transfer.
Aon’s Property Risk Analyzer aims to deliver value to U.S. companies with property portfolios globally along with a modern analytical approach for clients valuing, aligning, articulating, and ultimately making risk finance decisions.
The tool further allows risk managers quick access to data quality assessments improving model efficacy and consequently price of risk.
It also has risk finance options, that allow brokers to explore program structures potentially available in the market across re/insurance, alternative risk transfer and capital market solutions. It can also provide performative testing of insurance structures, which measures the total cost of risk of insurance against other risk transfer solutions.
Joe Peiser, Chief Executive Officer, Commercial Risk, Aon, commented, “Aon’s Risk Analyzers expand the risk insights that brokers can provide to advise clients. 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.”
Mindy Simon, Chief Operating Officer, Aon, concluded, “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.
“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.”
