Re/insurance broker Aon, has announced a new collaboration with science crowdsourcing organisation Lifeguard to boost emerging risk insights in the property and casualty insurance sectors through engagement with the scientific community worldwide.
According to the announcement, the Aon-Lifeguard collaboration will help to reduce traditional research and development time-cycles by utilising crowdsourcing research methods to deliver broader and more timely insights.
This information, the broker explained, will enable Aon and its clients to make better business decisions, and develop more innovative products, services and solutions that help to navigate volatility and build business resilience, while addressing underserved markets and segments of risk.
Amanda Lyons, Aon’s Reinsurance Solutions U.S. casualty strategic growth leader, said: “Aon’s collaboration with Lifeguard acknowledges the strong alignment between scientific research and risk understanding and management.
“For many years, Aon has been utilising output from our global academic relationships to inform our understanding of natural hazards and, more recently, climate change. This collaboration will help to expand our endeavours into new areas of risk, to the benefit of clients and the broader industry.”
Lifeguard’s crowdsourcing platform brings together global scientists, subject-matter experts and innovators with diverse skill-sets and expertise.
The collaboration with Aon will augment existing insurance industry emerging risks research and provide insights into areas where insurers lack the resources to gain a thorough understanding of their exposures, the broker highlighted.
Additionally, it will also offer re/insurers the opportunity to co-sponsor emerging risk-relevant research on topics of specific concern, to better inform the decision-making process.