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Saturday, May 25, 2024

Aon Establishes Strategy and Technology Group

Aon plc, a leading global professional services firm, today introduced its new Strategy and Technology Group (STG) to bring together a wide range of insight and software solutions to help property & casualty, life insurance and reinsurance clients build flexible and resilient enterprise structures that drive strong financial performance.

Developed over the past 12 months, STG combines strategic consulting – including claims efficiency, performance benchmarking, market share data/trends, actuarial analysis, and capital structuring and access – with a technology suite, including TycheReMetrica and PathWise, that helps clients deploy capital efficiently and effectively across an enterprise. As companies seek to deploy this capital, they face numerous regulatory and operational constraints; Aon’s data-driven tools provide the platform to respond with confidence through better informed decisions.

Eric Andersen, president of Aon, said: “Forward-thinking insurance companies are helping drive the economy by protecting businesses, governments and communities. To meet shareholder and societal demands, while delivering sustained growth and profitability in a competitive landscape, insurers need the resilience and capacity to address increasing current and future risks. STG helps facilitate this process for clients, de-risking and futureproofing their businesses to take advantage of the opportunities that exist in today’s volatile environment by making better business decisions.”

Through a tailored discovery approach, STG creates highly customized solutions that help clients explore profitable opportunities, boost enterprise efficiency and drive financial health. Further client goals addressed by STG include expanding geographies and products, adding value to share price, simplifying organizational structures, developing peer benchmarking and building a workforce for the future. Combined with Aon’s insurance industry expertise and global network, STG’s insight and software are further enhanced by the ability to execute re/insurance transactions, where needed, to provide a holistic service with practical, implementable solutions for clients.

Colin Forrest leads STG as the group’s chief executive officer, and was previously EMEA leader of WTW’s Insurance Consulting & Technology (ICT) practice. Forrest said: “The re/insurance industry is facing a huge range of challenges that are placing pressure on profitability and creating a need to modernize. However, these challenges also offer an opportunity for companies to reinvigorate their business and differentiate themselves in the market. In STG, we are combining experience and proven outcomes with the energy and ideas of a start-up to create innovative solutions to build more resilient firms. We fully recognize the need from re/insurers for a trusted advisor embedded in the industry, bringing sector knowledge and the ability to deliver relevant capital-enhancing transactions.”

STG is a key part of Aon’s focus on serving the insurance industry, led by Andy Marcell. As CEO for Reinsurance Solutions, Marcell oversees both STG and the firm’s reinsurance broking capabilities while bringing the best of Aon to clients in this sector. The team is chaired by Nick Frankland – previously UK CEO for Aon’s Reinsurance Solutions – who has brought together a number of Aon’s capabilities and drove the acquisition of Tyche’s financial modelling platform in March 2022, which was also a significant milestone in STG’s evolution. He has also made a number of significant senior hires, principally Forrest and Becky Allison as chief operating officer for STG, who brings a wealth of experience from her long-standing role as COO within WTW’s EMEA ICT practice

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