June 2015
Aon ‘Bench’ allows clients to see comparisons of costs and key plan design attributes
Aon Employee Benefits, the UK health and benefits business of Aon plc (NYSE: AON), has launched a new benchmarking database tool which provides UK organisations with market insights and measurable data compared with their competition. This online technology delivers quicker plan design benchmarking without manual collation.
Aon Bench is a standalone tool that allows Aon consultants to create client comparisons of costs and key plan design attributes. It works for claims rated private medical insurance (PMI), group income protection (GIP) and group life assurance (GLA) products across a variety of industries and employer sizes.
It enables enhanced plan comparisons including insights around premium/unit rates and specific plan design features such as benefit escalation rates and various reimbursement limits. Bench features statistical distributions, attribute-by-attribute comparisons, prevalence exhibits and holistic summaries to provide a view of costs and design elements.
It has been developed and maintained by the Health & Benefits team at the Aon Center for Innovation and Analytics (ACIA) in Singapore and is supported by a database of over 500 Aon Employee Benefits clients in the UK. Country specific versions of the tool will share the global platform.
The data is refreshed daily, providing the most up-to-date information for comparisons. It is subject to a rigorous data review consisting of over 50 data quality checks across all of the product types. Only designs that pass critical data review checks are included in the database to ensure accuracy.
Matthew Lawrence, Head of Broking at Aon Employee Benefits, said: “Following the launch of Risk Forecaster, Aon Bench is the next in a series of Health, Risk and Wellbeing technology products which we will introduce over the next year. Employers are often keen to understand how competitive their benefit programmes are and Aon Bench means that we can support them with this requirement quickly, efficiently and accurately by utilising online technology rather than the norm of manually collating information. Furthermore, being an online tool we plan to extend Aon Bench into other product lines and extend the number of plan design attributes that are included”.
Aon UK Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN.