Beyond reinsurance: Aon’s UK Insurance Vertical redefines client partnership
In an increasingly complex and interconnected world, the traditional boundaries of risk management are dissolving. Insurers today face a landscape of challenges, from evolving cyber threats and talent retention to navigating new regulatory frameworks. Aon is responding to these evolving needs with a groundbreaking approach: the UK Insurance Vertical.
At the helm of this initiative is Jane Smart, whose extensive career journey has culminated in a role that redefines client engagement and partnership.
Diverse experience
Jane Smart’s path to leading Aon’s UK Insurance Vertical is a testament to her diverse experience in the global insurance market. “I was a client manager with Swiss Re in Toronto, and then moved to Singapore to look after its global clients in Southeast Asia and India,” she recounts.
A move back home for family reasons and a brief stint at Lloyd’s of London solidified her desire to return to a large, client-centric organisation. “I was lucky enough to have the opportunity to work at Aon, and I’ve been here just over two years,” she explains.
Earlier this year, Smart took on her current leadership role, a position pivotal to Aon’s strategic 3×3 Plan. “It’s a busy role, given its prominence within the Aon 3×3 Plan,” she states, highlighting the ambition behind the vertical. “One of the main drivers is, being able to service our clients more broadly and bring the best of all of Aon to them, embedding ourselves into their strategy so we can talk about their challenges beyond reinsurance, and help them to achieve their goals across the board.”
This commitment to a broader engagement is the very essence of the UK Insurance Vertical. As Smart says, “That’s what the insurance vertical really is: fully and holistically understanding our clients’ needs and being able to offer the whole of Aon to them, to help them get to where they need to be and make better business decisions. It’s great to see the enthusiasm within the company for the insurance vertical, and the cross-collaboration that helps our clients address their needs. It’s a real step forward and a game changer for us.”
This signifies a fundamental shift from a transactional relationship to a truly collaborative partnership, where Aon acts as a strategic advisor.
The benefits of this holistic approach for clients are profound. Rather than focusing solely on reinsurance, Aon is now “looking at everything” the clients are trying to achieve. This allows Aon to help clients “think about all aspects of their business, giving them clarity and confidence to address their challenges.”
The emphasis is on a “holistic view, a joined-up approach, looking at the client’s business as a whole and taking their strategy on board and going through that with them, having discussions about what’s important to them in a joined-up way.” This integrated perspective is crucial in an environment where risks are no longer siloed but interconnected.
Interconnected risks
A prime example of this integrated thinking is Aon’s innovative approach to cyber risk. “Cyber attacks are seen as one of the top risks identified by insurance companies. Insurance companies hold large quantities of data including sensitive data and recognise that the loss of this data would be exceptionally damaging,” Smart notes.
Here Aon is working on a groundbreaking solution. “We recognise that insurance contracts haven’t necessarily adapted to the evolving risks that insurers face. To this end, we will be launching an innovative, fully-integrated financial lines policy that seamlessly integrates cover for D&O, PI, crime and cyber risks into a single contract.” This forward-thinking policy demonstrates Aon’s commitment to providing comprehensive and relevant solutions.
Beyond immediate risks, the UK Insurance Vertical is proactively addressing the future of the industry, particularly in the realm of talent and technology.
“One of the topics we’re talking about quite a lot with our clients is not just talent attraction and retention, but also future skills. What’s the world going to look like in our industry with the ever-increasing use of AI?” Smart says. Leveraging its extensive data and insights, Aon is positioned to guide clients through these seismic shifts. “Based on the data we have and the discussions we’re having, that’s an area in which we truly believe we can help our clients.”
The combination of talent and benefits is another critical area where Aon provides invaluable support. “We see more and more commonality between talent and benefits insofar as employees and prospective employees look at their package as a whole, so the two are very interlinked,” Smart explains. This understanding is particularly vital at a time when “clients are facing up to 30 per cent increases in their group health benefits.” Aon has developed sophisticated tools that “allow us to have informed conversations with our clients utilising the power of data, analytics and machine learning” to navigate these challenges effectively.
This top-down understanding ensures that Aon’s solutions are strategically aligned with the client’s overarching business objectives. “By understanding our clients’ needs, we can look at how best to address their challenges knowing that we have the appropriate people and data.”
Regulatory change
Aon is also actively assisting clients in preparing for upcoming regulatory changes, such as the pay transparency regulation in Europe. “We’re doing a lot of work on helping our clients prepare for the introduction of the pay transparency regulation in Europe, which will affect a certain number of companies in the UK,” Smart explains. This proactive action demonstrates Aon’s commitment to being a comprehensive partner.
To foster this deep understanding and collaborative spirit, Aon regularly hosts forums and roundtables. “We host a number of forums and roundtables for our clients to better understand their needs and encourage discussions around topics of interest,” Smart explains. These interactions are invaluable in shaping Aon’s offerings and ensuring they remain at the forefront of client needs.
“There is a lot of excitement around the growth of the insurance vertical and being able to connect with our clients in such a broad manner,” Smart concludes. “We’re very much looking forward to the future as we continue to build momentum.”
Read more from AON here