Aon - Digital Transformation Strategies

This report provides insight into Aon's digital strategies, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Aon is a provider of professional services. The company, through its subsidiaries, offers a range of commercial risk solutions, reinsurance solutions, retirement solutions, health solutions, and data and analytic services. Aon provides its advisory services in various sectors, including aerospace, technology and communications, financial institutions, agribusiness, life science, aviation, real estate, power, retail trade, construction, transportation and logistics, health care, and energy and mining. Aon offers insurance solutions through a network of its offices and distribution centers. It has a presence across the Middle East, Africa, Asia-Pacific, Europe, and North America.

Aon launched New Ventures Group in 2019 to further accelerate innovations that deliver value to its clients. It helps identify, develop, and scale high-impact solutions that drive Aon’s growth and performance. Aon named Tony Goland as its chief innovation officer, responsible for leading the group’s innovations. The new unit also sponsors the firm’s Intellectual Property Solutions to help clients manage their intangible assets. The unit oversees the assessment and commercial feasibility of new solutions and capabilities and ensures successful ready-to-market solutions in collaboration with Aon's Operating Committee. To achieve this, Aon has appointed Brian Cochrane as the unit’s chief commercial officer.

Aon Center for Innovation and Analytics (ACIA) was launched in 2012 and located in Singapore strives to develop innovative solutions to support business growth for its global clients by reducing volatility and improving operating performance across risk, health, and retirement. The center leverages data and analytics technologies to deliver cutting-edge solutions, tools, and applications addressing clients’ business challenges.

Launched in 2010, FinTech Innovation Lab organizes annual accelerator programs across New York, London, Dublin, and Hong Kong. The lab was jointly launched by The Partnership Fund for New York City and Accenture and comprises a 12-week accelerator program. It helps early- and growth-stage fintech companies, providing them with access to industrial entrepreneurs, leading financial institutions, investors, and advisors. Participants are also provided with workspace and weekly workshops. Aon is one of the partners of the New York program.

Plug and Play Insurtech is a 12-week innovation program that brings innovative startups and the largest insurers into one innovation platform. The program runs across countries including the US, Singapore, China, Japan, and Germany. It invites startups focusing on insurance-related innovations including fraud detection, process automation, data enrichment and analytics, customer experience and distribution, auto insurance tech, the Internet of Things (IoT) and drones, process and operations, customer-centric services, and risk and fraud assessment.

Scope

• Aon is embracing emerging technologies to develop innovative solutions that enhance existing insurance policy and risk management models. Aon focuses on data and analytics technologies to drive efficiency across its value chain. It leverages in-house and third-party data gathered through its business processes, including data generated from social media interactions and search engines, for estimating post-catastrophe claims. To efficiently utilize such huge amounts of data, Aon has transformed its legacy system and built a scalable infrastructure using cloud technology and is implementing AI technologies to analyze data and gain insights for key decisions.
• Aon is leveraging machine learning and natural language processing (NLP) techniques to uncover insights from huge data existing in unstructured documents and third-party digital platforms, which enables it to expand coverage and benefits, reduce costs, and optimize its underwriting process. In addition to process efficiencies, Aon is tapping the power of AI-based technologies to manage customer communications and data.
• Aon is investing in its data and analytical capabilities and has built a proprietary data and analytics platform to deliver insights that reduce risk and improve performance.
• Aon’s Data & Analytic Services platform brings data-driven products, digital distribution, marketplaces, and analytics as a service capabilities. The platform offers solutions including Affinity, Aon Inpoint, CoverWallet, and ReView. Aon’s Center for Innovation and Analytics, part of its Data & Analytic Services team, has been using Tableau since 2014 to bolster analytical capabilities, cut time to draw insights, and enable employees to make better decisions and improve business.
• Aon focuses on defending cyber threats and has introduced solutions that enhance its internal and clients’ cybersecurity capabilities. Its offerings include CyQu (Cyber Quotient Evaluation), Cyber Deal Desk, and a dedicated cyber-focused team that focuses on assessing business cyber risks and designing cyber incident response strategies. Aon also acquired cybersecurity firms Cytelligence and Stroz Friedberg to help clients identify and address cyber risk incidents.

Reasons to Buy

• Gain insights into Aon' tech operations.
• Gain insights into its digital strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnerships, and acquisition strategies.