Australia
Analytical Services | Analytics Risk Management | Aon Australia

Analytical Services

Whether your business finances its risk through a self-insurance vehicle such as a captive, an internal fund or simply by standard expense management, Aon has the analytical modelling capabilities and actuarial services to help you quantify how much risk you are exposed to. If you understand your risk, then you can make more informed decisions around how to best finance that risk (whether by insurance, self-insurance or some other form of mitigation).

Aon's Analytical & Actuarial Services team provides specialist consulting services to help your organisation optimise its risk financing strategy by better understanding and quantifying its risk. These services include:

Loss Modelling

A process of risk quantification that produces a loss forecast for the upcoming period and provides a robust understanding of losses to be retained and transferred under alternative deductible structures.

Key benefits are:

  • Optimising Total Cost of Insurable Risk by identifying the most cost efficient deductible, incorporating premiums and retained losses;
  • Providing access to powerful actuarial analysis that will assist with insurance market negotiations - ensuring a level playing field with insurance underwriters;
  • Gaining a robust awareness of retained losses that can assist with internal budgeting and financing decisions, and can even identify areas for risk improvement and further cost savings.

Outstanding Loss Provision

An actuarial service that will help your organisation accurately provision for the unpaid self-insurance liabilities of long-tailed risks (such as General Liability, Medical Indemnity, Professional Indemnity or Workers' Compensation).

Key benefits are:

  • Ensuring that a provision is set for self-insurance liabilities that accounts for uncertainty and will avoid exposing your organisation to unexpected financial shocks when claims settle;
  • Assisting your organisation with meeting financial reporting and auditing requirements.

Liability Limit Analysis

A detailed risk quantification and assessment of 'worst case' scenarios, which provides some scientific credibility to selecting appropriate policy limits for liability classes of insurance.

Key benefits are:

  • Increasing confidence in determining the adequacy of insurance policy limits;
  • Optimising insurance costs and risk coverage, by setting policy limits with increased confidence that underlying risks are comprehensively understood;
  • Enhancing visibility of the decision making process by demonstrating good corporate governance and showing a structured and auditable process has been followed to arrive at an appropriate policy limit.

Motor Loss Modelling

Aon’s Motor Loss Modelling will empower your organisation to achieve stronger insurance renewal outcomes, by identifying and leveraging the most cost efficient insurance structure given your motor claims history.

There are three key benefits in undertaking Loss Modelling:

  1. Stronger insurance negotiations: By understanding losses to be transferred to insurers in the upcoming year, a technical price for the risk can be estimated. If this price is below the market price, your organisation will be in a stronger position when negotiating premiums with underwriters.
  2. Defined risk financing strategy: Identifying the most cost efficient deductible structure will ensure that retained losses do not exceed the organisation’s risk appetite.
  3. Defined budget allocation: By understanding the losses that will be retained in the upcoming year, your organisation can more accurately budget for expected losses.

Motor Fleet Claims Benchmarking

Aon’s Motor Fleet Claims Benchmarking will empower your organisation to better understand and track the costs and performance of its motor fleet claims year on year, against industry peers.

 

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Analytical Services Expert