Addressing the Underserved

Addressing the Underserved

From small and medium-sized businesses to government bodies and institutions, traditional service providers are failing to meet the needs of organizations by promoting solutions that reflect an obsolete notion of how the world operates. Aon works to create solutions for traditionally underserved or newly emerging market sectors – like gig economy workers - to map to how our economy and market needs are constantly evolving.

Mind the (Protection) Gap

Aon has solutions that can address this protection gap and support those underserved by the global economy. We know support is needed — in fact our Global Risk Management Survey shows us that nine of the Top 10 Risks are either uninsurable or only partly insurable. One such risk is natural disasters. Over the past 10 years, these have caused damage averaging more than $160 billion a year, but only about 37 percent of that is insured. This has created a gap of more than $102 billion.

That is why Aon is working with businesses and insurers to create new and more cost-effective solutions for covering the risks we all face. Parametric insurance solutions, which respond to movements in an index or the occurrence of a pre-agreed event like extreme weather, can be tailored to an organization’s exposures and budget. This helps our clients protect their business without tying up unnecessarily large amounts of capital that could otherwise be spent on developing the business.

We are a leader in such risk transfer solutions. Our partnership with the World Bank led to the introduction of a $1.36 billion catastrophe bond to address earthquake risk in Latin America.

Bespoke Solutions

With scalable solutions that protect communities, provide access to capital and enhance employee wellbeing, Aon can help organizations and individuals make better decisions that protect and enrich their lives. From the individual decisions, such as those that help workers stay protected in the gig economy, to insights that help small businesses grow and organizations of all sizes flourish. It can also mean specific tools that give employees better access to proper wellbeing and health benefits or tailormade solutions that help government agencies and communities cope with crises and emerge stronger.

Big Challenges Need Better Decisions

The range of possibilities for helping the world’s underserved is broad. From a catastrophe bond that gives developing countries a path to recovery from disaster to alliances between small business and leading technology providers that help speed up growth. Or from protecting the cargo ships that race vaccines around the world to programs that commit companies of all sizes to a more responsible approach to climate change. Aon’s global understanding and local expertise and advanced analytics can help all types of organizations — and individuals — achieve their full potential in our ever-changing world.