Global risk management company Aon has launched two new diagnostic tools, Property Risk Diagnostic and Casualty Risk Diagnostic, to help companies and institutions evaluate their risk exposure and make informed investment and risk management decisions. These tools provide risk management and finance teams with a more organized view of risk factors, risk mitigation measures, and changes in exposure levels over time. The launch of these tools comes as institutions face increasing pressure to demonstrate the effectiveness of their risk management strategies.
The Property Risk Diagnostic tool, developed by Aon's Global Risk Consulting engineers, combines historical loss data and model-derived information to assess natural disaster and everyday property risks. The tool takes into account existing risk mitigation measures, allowing institutions to compare exposure levels across different locations and risk types, and evaluate the impact of various resilience-enhancing measures. This helps identify the most critical locations and risks contributing to expected losses and volatility, enabling informed investment priorities for risk mitigation.
Aon's Casualty Risk Diagnostic tool, on the other hand, focuses on liability risks, using client claims data and Aon's benchmarking data. The tool provides interactive quarterly analytics, allowing clients to compare their results with similar companies anonymously, identify areas contributing to high loss costs, and track progress toward specific goals. The tool also includes a savings calculator to assess the potential financial impact of targeted risk mitigation measures and a performance tracker to monitor goal progress.
According to Christian Hoffman, CEO of Commercial Risk at Aon, clients are increasingly interested in not only identifying their risk exposure but also understanding the actions they can take to mitigate it and the value of these actions. The new diagnostic tools aim to provide clients with a deeper understanding of their risk landscape and support data-driven decision-making.
The launch of these tools is part of Aon's efforts to expand its use of data, analytics, and technology in risk management services. The company has previously introduced AI Risk Diagnostic and other solutions, such as Aon Broker Copilot, Aon Claims Copilot, and Risk Analyzers. Aon's risk diagnostic tools combine quantitative analysis and advisory services to help institutions understand their risk exposure, evaluate mitigation measures, and inform risk management and insurance strategies.
The Casualty Risk Diagnostic tool is initially available to Aon clients in North America, with plans to expand to international markets in 2027. Richard Waterer, Global Head of Risk Consulting at Aon, emphasized the importance of using data and analytics to drive actionable insights and support clients in making informed decisions about risk mitigation, transfer, and retention.
The introduction of these tools reflects Aon's commitment to providing innovative solutions that help clients navigate complex risk landscapes and make informed decisions about their risk management strategies. By leveraging data, analytics, and expert advisory services, Aon aims to support clients in optimizing their risk management approaches and achieving their business objectives.
Key points
- Aon launches Property Risk Diagnostic and Casualty Risk Diagnostic tools to help companies assess and manage risks.
- The tools provide risk management and finance teams with a more organized view of risk factors and mitigation measures.
- The launch of these tools reflects Aon's efforts to expand its use of data, analytics, and technology in risk management services.
