C-Suite - Broker: Take my advice

According to a general internet search, the definition of an insurance broker is “a professional who offers, negotiates and sells policies”. While that is strictly true, in today’s uncertain global environment, the role of the broker is increasingly changing to a consultative business adviser who is able to provide predictability in an environment filled with risk, rather than a purely transactional approach.

At Aon, we recognise that today’s businesses face new and emerging challenges across the risk environment. The rise of risk management is also climbing up the corporate agenda, and the importance of the risk manager is increasingly recognised at board level. The global complexity and interconnectivity of risk also means that, as brokers, we have to be able to use insights to advise our clients on the impact to business of – not just property or supply chain damage – but also the impact of wider issues such as the global economic environment and changing social demographics.

As we embark on a new year, it is increasingly important to understand the wider global business implications in a highly interconnected world.

2015 was a year of change. Innovation continues to drive business development. Organisations are developing new ways to tackle some of the developing world’s biggest challenges. In labs around the world, scientists are working on revolutionary technologies. Medical experts are teaming up with technologists to devise breakthrough treatments that combine cutting-edge technology with the latest in biological science. As well, the development of new trade deals promise renewed global growth.

At the same time, the continuing uncertainty from a potential ‘Brexit’ creates volatility across the UK and Europe. Market turmoil in China has created renewed uncertainties over global growth. Oil and commodity prices remain low, putting further pressure on the global economy and emerging markets, in particular. As brokers, it is our responsibility to understand how these global events impact on all of our clients from SMEs through to large global organisations.

This evolution of our industry is also changing the way we recruit and harness talent within our organisation. We increasingly seek sector specialists with analytical capabilities as well as broadening our sights by bringing risk management professionals with business understanding to help strengthen our consultative ability.

Having invested significantly in the development of innovation centres and data-driven insight, as well as looking to harness a wide range of talent and expertise, Aon is helping to shape and develop the industry as it continues to evolve. So, despite the global business challenges, and the ever-evolving risks, brokers can look to the future of our industry with confidence. By being recognised as valued and trusted business partners to our clients while using insights to review complex risk, we can help today’s businesses grow and move forward.

Andrew Tunnicliffe
CEO, Aon Risk Solutions UK