"Aon's businesses are united in innovation, and we are honored that Business Insurance's panel of risk managers recognized the value these solutions bring to our clients," said Greg Case, president and CEO of Aon.
"Aon GRIP is an impressive tool whose name aptly describes its capabilities: it's a system that provides in-depth insights into risk patterns and trends around the globe. Armed with such insights, risk managers can make informed decisions about how to structure their risk management programs," said Business Insurance Editor Regis Coccia.
With Aon GRIP, risk managers are offered a new set of facts never before captured in the insurance industry. Tracking annual placements of more than $54 billion in premium, this web-based proprietary platform enables Aon Risk Services' brokers to deliver unparalleled market insights to clients. Real-time information based on carrier quoting activity pre-binding helps guide risk managers in their pre-renewal strategies.
"Aon Benfield's FAConnect takes the field of facultative reinsurance and makes that form of capital accessible to risk managers in ways that simply were not available previously," Coccia added.
FAConnect brings the broker marketplace to clients' computer desktops, allowing them to quote and bind their unique facultative risks in less than five minutes through a straightforward user interface. The facultative broking platform is designed for high-volume transactions and provides a choice of global markets, where frictional costs have traditionally made it uneconomical for intermediaries to participate in the sector.
"Business Insurance seeks to promote innovation in the commercial insurance industry, and the recipients of the inaugural Innovation Awards are companies that lead the way in serving risk managers," stated Coccia.
The Innovation Awards are a new program developed by Business Insurance magazine to recognize innovation and leadership in products, services and technologies designed for professional risk managers. An independent panel of risk manager judges scored entries on criteria comprising originality, creativity, problem solving, execution of the concept and achieved results.