CHICAGO, May 20, 2020 – Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has released the new version of Aon Spectrum Analytics®, an industry-leading workers’ compensation cost management tool.
Aon has enhanced its client delivery to integrate world-class broking with impactful Total Cost of Risk (TCoR) solutions. Aon Casualty LaserTM, a patented industry-leading casualty diagnostic that identifies retained loss costs savings, and Aon Spectrum Analytics® will now be included as part of the service delivery for eligible Casualty clients.
“The inclusion of these tools will reinforce Aon’s commitment to data and analytics, provide valuable insights for our clients, and help improve the client’s risk profile and demonstrate the client’s progress in TCoR reduction. Aon’s brokers will utilize the insights from these tools to negotiate improvements in risk transfer, financing and collateral, and support marketing efforts,” said Christopher Iovino, Managing Director, Aon Global Risk Consulting.
This updated product provides risk leaders with an interactive workers’ compensation claims dashboard that utilizes Aon’s Casualty LaserTM benchmarking results with leading advisory consultation to identify cost savings opportunities and monitor the performance of pre- and post-loss Total Cost of Risk mitigation strategies.
“Since its initial launch in 2017, Spectrum has continued to identify cost savings opportunities through interactive innovative analytics. Multifaceted enhancements included in Aon Spectrum Analytics® will broaden the ability to implement solutions to support a continuous improvement model,” said Joe Galusha, Group Managing Director, Aon Global Risk Consulting. “Spectrum is just another example of our commitment to innovative technology to create actionable analytics to help our clients lower costs.”
- Web-based version leverages Aon’s Sophi Client platform
- Deeper data drill down and added loss profiles to drive more prescriptive actions
- Online calculator to quantify savings and prioritize initiatives
- Establishes, saves, and tracks performance goals for 12 and 36 months in rolling quarterly views
- Excel and PowerPoint export functions
“Aon’s Spectrum Analytics Dashboard has been successful in combining disparate data elements providing our Risk, Safety and Claims managers with unique insight into loss patterns and expense drivers that were not previously identified,” said Jessica Morgan, Vice President of Risk and Safety at ABM Industries. “Combining the Laser database results, suggestions by the Aon consultant, and utilizing ABM’s safety professionals, we have been successful in implementing target programs to improve safety records and positively impact our employees’ work experience.”
More information about Aon Spectrum Analytics®: https://www.aon.com/risk-services/spectrum-analytics.jsp.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
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