Posted on 29 Jan 2010
Building upon its supplier diversity strategy to bring distinctive value to clients by connecting carrier and broker relationships with minority-owned businesses, Aon Corporation, the leading global provider of risk services and human capital consulting, today announced it is joining forces with Magic Johnson Enterprises to promote business opportunities for minority business enterprises. Financial terms of the year-long affiliation were not disclosed.
"When Aon aligns its objectives with a successful minority-owned business like Magic Johnson Enterprises, it is a win-win-win opportunity for Aon, our clients and our MBE associates," said Leonard McLaughlin, president of Aon Cornerstone Innovative Solutions, the Aon business that focuses on fostering strategic alliances with minority business enterprises. "As we help clients achieve their supplier diversity goals by providing them with solutions to a wide range of business challenges, we also create growth opportunities for our MBE associates to enable them to create jobs and improve their profitability and sustainability."
Aon Cornerstone Innovative Solutions, launched in April 2009, brings together the global risk and human capital resources of Aon with the knowledge and experience of top MBEs to deliver adaptive solutions to serve the cultural needs of clients. This includes an established infrastructure for firms to work with qualified MBEs as well as formal training and mentoring programs for certified MBE associates and carriers to help them deliver the highest value for clients and achieve their diversity goals.
"My goal in working with Aon Cornerstone is to help them drive results through the promotion of diverse strategic alliances in the professional services field," said Earvin "Magic" Johnson, chairman and CEO of Magic Johnson Enterprises. "By doing so, we can develop stronger relationships between Fortune 2000 firms and minority-owned enterprises that lead to job creation and opportunity for economic growth." Johnson was recently recognized as the number one African-American business leader in America by Ebony magazine.
Through strategic investment, partnership and consultation, Magic Johnson Enterprises has developed a portfolio of companies that strategically work together to reinforce the organization's focus on serving emerging, multicultural communities. Core divisions of the organization include consulting and licensing, business ventures and capital management.
The members of the National Minority Supplier Development Council, including many Fortune 500 companies, have a goal to increase utilization of minority-owned businesses. Currently, approximately one percent of the goal is realized through the purchase of risk management products and services. Specific initiatives like Aon Cornerstone complement supply chain requirements, industry and regulatory mandates, and a desire for broadened market appeal, fueling the growth trend by major businesses to expand business relationships with minority business enterprises.