Aon introduces suite of risk analytic and financing tools

Aon has unveiled a suite of tools intended to help organisations analyse risks and decide how to structure their insurance programmes.

The broker-led analyser tools are currently available in North America for assessing and managing clients’ property, casualty and health risks.

Cyber and directors and officers liability analyser tools are expected to be added later this year, Aon said.

The tools are expected to be modified and rolled out in Europe, most of Asia Pacific and Latin America by the fourth quarter.

They are free to Aon’s clients, but there is a charge for risk financing analytics.

Aon’s risk analysers are intended to help clients quantify their loss exposures and understand the tradeoffs between risk retention and risk transfer based on market pricing, said Joe Peiser, CEO of commercial risk at Aon.

They can help brokers explore programme structures available in the market across insurance, reinsurance, alternative risk transfer and capital markets, Peiser said.

As premiums and losses have increased, c-suites are paying more attention to their risk financing programmes, he said.

“Clients are demanding a more quantitative analysis to help them in their decision making,” he added.

Aon is also working on diagnostic tools, led by its consulting professionals, that are aimed at helping clients reduce their loss exposure.

“For example, they could look at their workers compensation portfolio and at root causes of loss and how they can address those to bring down the total cost of risk,” Peiser said.

Aon will showcase its analytic capabilities and run demos of its cyber and directors and officers liability analyser tools at the Rims Riskworld conference in San Diego, which opens on 5 May.

This article first appeared on our sister website Business Insurance. For further news from Business Insurance, please click here.