Aon Launches Suite of Risk Analyzer Tools for Decision Support

Part of a first wave of new tools under the new Aon Actionable Analytics, risk analyzers  allow risk managers and brokers to quickly assess current risks to harness the value of insurance.

(Property analyzer screenshot. Source: Aon plc.)

Aon plc (Dublin) a global professional services firm, has launched a new suite of risk analyzer tools that allow brokers in North America to receive exposure data, quantify loss potential and help risk managers make better decisions based on total cost of risk. Aon reports that it will showcase the new analytic capabilities at the Risk Management Society’s (RIMS) RiskWorld conference in San Diego, Calif., beginning May 5.

Joe Peiser, CEO, Commercial Risk, Aon.

Aon’s Property Risk Analyzer is the latest release under Aon Actionable Analytics, which is how the firm brings together its data, tools and analytics professionals to make better decisions. The tool provides exposure visualizations and models potential losses and simulates the effect of different insurance policy options to determine which risks clients should retain or transfer. “Delivering value to U.S. companies with property portfolios across the world, Aon’s Property Risk Analyzer delivers a modern analytical approach for clients valuing, aligning, articulating and ultimately making risk finance decisions,” an Aon statement says.

“Aon’s Risk Analyzers expand the risk insights that brokers can provide to advise clients,” says Joe Peiser, CEO, Commercial Risk, Aon. “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.”

Property analyzer screenshot. Source: Aon plc. (Click to enlarge.)

Aon’s Property Risk Analyzer allows risk managers quick access to the following, as described in the company statement:

  • Data quality assessments, which improve model efficacy and consequently price of risk.
  • Modeled results at a location level distinguishing between natural catastrophe-driven exposure and attritional loss exposure.
  • Risk finance options, which allow brokers to explore program structures potentially available in the market across insurance, reinsurance, alternative risk transfer and capital market solutions.
  • Performative testing of insurance structures, which measures the total cost of risk of insurance against other risk transfer solutions.

Aon says it will also showcase existing and forthcoming analytic tools at RIMS including the firm’s:

Casualty Risk Analyzer, which uses a client’s loss and exposure data to evaluate their catastrophic risk potential and optimize their casualty insurance program.

Risk Financing Analytics, which helps organizations optimize the balance between risk tolerance and risk transfer decisions across their entire insurance portfolio.

Health Risk Analyzer, which allows organizations to model and assess financial risks associated with high-cost medical plan claimants and explore strategies to budget for, manage and reduce high-cost claimant risk.

D&O Risk Analyzer, which will test insurance options that help adequately protect directors, officers, and organizations from executive risks.

Mindy Simon, COO, Aon.

Cyber Risk Analyzer, which will incorporate insights gained from Aon’s Cyber Quotient Evaluation platform to optimize a client’s strategy for managing and transferring cyber risk.

“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,” comments Mindy Simon, COO, Aon. “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.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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