Go forward and innovate – that’s what chief executive Greg Case wants to see not only at Aon but from the industry at large.
In an interview with the Financial Times, Case lamented how the sector’s focus had been on insurance sales with little attention paid to innovating in order to meet customers’ needs in a wider sense. At Aon, for instance, the CEO wants a shift away from specific risks and individual products.
“CEOs want us to be able to respond to a broader definition of risk… across their business, operating performance and balance sheet strength… even across pension and retirement or healthcare,” he told the publication, touching on the role of data and how the industry has not taken full advantage of converting it into something of use.
According to the report, the insurance broker will be delving more into data and analytics services.
Noting how property and casualty insurance losses stand at 1.8% of US gross domestic product, he said: “If I ask you, how is the risk industry doing in terms of relevance to the global economy, you have to say, we’re becoming less relevant.”
Case also zeroed in on cyber insurance, citing $450 billion in reported losses in the US versus a mere $3 billion of premium written.
“That’s not response, that’s not relevant,” he stated.
Do you agree with Case’s thoughts? Leave a comment below and let us know.
