Risk Management Technology Revealed
Prague, Czech Republic (Oct. 4, 2009) – Aon eSolutions, provider of technology-based tools that improve the management of risk, insurance and safety programmes, is today launching the results of its 2009 Global Risk Technology Survey at the Federation of European Risk Management Association conference in Prague, Czech Republic. The report shows how organisations are implementing, utilising and benefiting from their risk management information systems (RMIS), helping to shape and benchmark risk programmes against those of their peers. In turn, and most crucially, some 62% noted savings in risk transfer costs as a result of using risk technology.
The survey of 435 risk professionals from 45 countries representing a broad range of industry sectors found that the number one benefit and driving force behind the use of risk technology is achieving accuracy and reliability of data.
Global Risk Technology Survey – European Top Five Benefits of Technology
- Accuracy and reliability of data
- Management reporting improvements
- Data consolidation/management
- Control and transparency
- Automation of processes
Further findings include:
- 77% of European companies think that regulation and compliance is impacting the future use of risk technologies
- 76% of European companies think that the insurance market demanding better data is impacting the future use of risk technologies
- 46% of European companies use risk technologies more than once a day
By comparison, the study found that North America has a more mature RMIS market – mostly due to amplified workers’ compensation claims and the associated data consolidation needs.
- North Americans use their RMIS for litigation management and safety, while usage of RMIS for captive management is more prevalent in Europe
- 64% of North American respondents report using RMIS for more than five years compared with just 37% of European respondents.
Steve Cloutman, managing director for EMEA at Aon eSolutions, said: “The results show that nearly two thirds of companies have experienced savings from using technology. This stems from having quality information that indicates where to focus risk management tactics to reduce claims and provides insurers with data to demonstrate a robust approach. Indeed, in the future we see greater use of technology to accurately capture a company’s risk profile as management, insurers and regulators increasingly demand more than a simple spreadsheet.”
The inaugural report was conducted in June and July of 2009. The report captures the perspectives of the world’s leading risk professionals from public organizations (53 percent), private organizations (37 percent) and the remainder are divided between government-owned or not-for-profit organizations. Aon Analytics conducted this survey with the support of Aon’s survey research specialists who collected and tabulated the responses. Percentages for some of the responses may not add up to 100 percent due to rounding or respondents’ ability to select more than one answer.
About Aon eSolutions
Aon eSolutions is the technology solutions arm of Aon Corporation (NYSE: AOC) and provides award-winning technology-based tools that improve the management of risk, insurance and safety programs. These personalized and configurable best-in-class systems – AonLine, iVOS, RiskConsole and SafetyLogic – each provide measurable value by aggregating data, streamlining business processes and optimizing resources. Visit http://www.aon-esolutions.com/ for more information.
Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon’s industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world’s best broker by Euromoney magazine’s 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance’s listing of the world’s largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com.Tags: Aon, risk transfer, survey