LONDON, Sept. 9, 2024 - Aon plc (NYSE: AON), a leading global professional services firm, today launched its Growth Decision Framework – a consulting service that assists insurers to develop the positive traits associated with optimum performance and that enable market cycle resilience.
To unite capital and portfolio strategies as insurers approach the January 2025 renewal, the consulting-led Growth Decision Framework from the firm’s Strategy and Technology Group, drives profitable growth in line with a client’s unique risk appetite and strategic objectives.
Aon’s proprietary study of more than 100 global (re)insurers has resulted in detailed analyses of the firms that have consistently outperformed through market cycles, focusing on their abilities in the categories of risk appetite, speed and agility, data and analytics, underwriting, talent, distribution and capital. The Framework draws on this research to assist all clients to achieve such best-in-class traits.
Aon works with insurers to develop their portfolios using metrics, including expected profitability, volatility of underwriting result, capital requirements (regulatory, rating agency and economic), capital consumption and risk-adjusted return. This process allows leaders to:
- Prioritize market segments based on strategic objectives
- Access market benchmarks
- Understand distribution channels and the strengths and weaknesses of incumbent competitors
- Identify investment and practical execution plans
- Develop future workforce and technology strategies
- Collaborate with Aon on practical next steps
Paul Campbell, global growth leader for Aon’s Strategy and Technology Group, said: “For insurers, making decisions on where and how to deploy capital becomes more difficult during times of volatility. Our global team will use the Growth Decision Framework to help clients to optimize their decision-making process, from short-term tactics to longer-term goals.”
Andy Marcell, CEO of Risk Capital and CEO of Reinsurance at Aon, added: “Evidence-based decision frameworks can help insurers make better decisions with clarity and confidence, even in the most challenging environments. Aon’s Growth Decision Framework aims to empower leaders to optimize their capital deployment, and to continuously adapt to market changes. This process might involve retaining strategically important businesses, addressing underperforming segments, and diversifying for future profitability.”
Aon’s Ultimate Guide to the Reinsurance Renewal – September 2024 report reveals that the past 18 months have brought considerable volatility for insurers, which have needed to navigate market conditions of heightened losses and reduced reinsurance capacity.
Meanwhile, Aon’s 2024 Climate and Catastrophe Insight report revealed that only 31 percent of 2023’s economic losses from natural catastrophes were insured, while its Transformative Trends study estimates that emerging exposures will offer more than $200B in market potential by 2030, representing significant growth opportunities for insurers.
For more information about Aon’s Reinsurance Solutions, please visit: https://www.aon.com/home/solutions/reinsurance.html
About Aon
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
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