Provides property owners and real estate developers with comprehensive, real-time view of environmental risks, compliance and coverage issues
CHICAGO, June 24 2008 — Aon eSolutions, the client technology arm of Aon Corporation (NYSE: AOC) and the leading provider of global risk and insurance solutions, today announced it has released a new Environmental module as part of RiskConsole, its market-leading, browser-based risk management information system (RMIS).
Developed in conjunction with Aon Environmental Services Group, RiskConsole’s new Environmental module provides organizations with the ability to effectively manage the multi-faceted environmental due diligence process, which generates volumes of sampling data, assessment reports, regulatory correspondence, and other legal correspondence.
The environmental liabilities associated with the purchase, sale, and development of properties can be extremely complex and costly. Risk managers must be vigilant in addressing environmental issues to reduce the possibility of losses. As an essential step in any real estate transaction, a piece of property must be evaluated for environmental contamination and potential liabilities for the new owner in regards to cleanup costs.
“In today’s litigious environment, managing the mountain of environmental material is a daunting task,” said Kathleen Burns, chief executive officer of Aon eSolutions. “RiskConsole now enables efficient tracking and warehousing of information to thoroughly document environmental conditions. Clients can utilize this information to resolve prospective conflicts over indemnities and regulatory actions, as well as to obtain the best-possible environmental insurance coverage for their individual properties or portfolios.”
Through this collaborative endeavor with the Aon Environmental Services Group, Aon eSolutions offers an Environmental due diligence system unparalleled in the industry. Key features and benefits of this RiskConsole module include:
- The ability to manage the complex environmental due diligence process, as well as the environmental insurance submission and renewal process.
- An easy-to-use browser-based interface provides security-enabled access for brokers, risk managers, underwriters, engineers, and asset managers. At renewal time, clients can provide competing carriers with access to the module, eliminating the need for underwriters to travel in order to review the hundreds of environmental documents that exist.
- Real-time access to environmental coverage, enhancements, deductibles, limits, exclusions, and claims history for individual properties, as well as information on an aggregate portfolio basis. Clients can manage environmental issues and coverage for both current properties and potential acquisitions.
- Increased efficiencies through automatic scheduling of reports and distribution of email alerts that notify clients of pre-defined risk events, such as the existence of non-compliant locations.
- Client-owned data with complete portability regardless of broker or insurer relationship.
“The amount of time saved is astronomical,” said Mitch Cohen, senior broker with Aon’s Environmental Services Group. “In the past, property owners and real estate developers used spreadsheets to track environmental coverage. At renewal, they copied environmental documents onto a CD and sent it to the underwriter and engineer. The entire process was cumbersome and time-consuming. Today, RiskConsole functions as a comprehensive data repository to share environmental information in real time. As a result, uploaded data is provided to the underwriter in a matter of minutes-rather than weeks and days.”
Aon eSolutions is the client technology solutions arm of Aon Corporation (NYSE: AOC). We provide innovative products, services and solutions to meet the diverse and varied needs of risk and insurance professionals. Our best-in-class systems-iVOS, RiskConsole, AonLine, and SafetyLogic-provide an unparalleled and integrated risk and insurance technology suite. This award-winning technology streamlines business processes and optimizes resources through a personalized and configurable approach and has resulted in measurable value for our clients. For more information on Aon eSolutions, log onto http://www.aon-esolutions.com/.
Aon Corporation is the leading global provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting. Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world’s “best broker” by Euromoney magazine’s 2008 Insurance Survey. Aon also was ranked by A.M. Best as the number one global insurance brokerage in 2007 based on brokerage revenues, and voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com/.Tags: outlook, report, Valen Analytics