Q1 Aon Advice to Clients

Build Strategic Partnerships

Partner with insurers throughout the year – not just as part of the renewal planning – to build strategic relationships. Bring insurers along on the journey when changing business models, or operating models, or when developing new products, to help insurers understand the exposures and gain comfort with the risk and product cycle. Be forthright in sharing financial results. Develop relationships with insurers beyond the incumbent panel.

Re-evaluate Risk and Risk Retention Strategies

Think about risk retention in terms of Total Cost of Risk. Leverage Aon’s Risk Finance Decision Platform to review risk classes and reports on optimum risk retention strategies. Explore captives or cell solutions and consider conducting a captive feasibility study. Identify which risk management practices – beyond the traditional ones focused on pinch-points and bottlenecks – can be improved to build greater resilience and make the most significant impact. Think more broadly about risk rather than focusing on renewing your expiring insurance policies.