Aon launches climate innovation hub
Aon, a leading global professional services firm, yesterday announced the launch of a new climate innovation hub in Singapore. Supported by the Singapore Economic Development Board (EDB), the hub will help Aon's clients around the world navigate environmental risk and opportunities.
Building upon Aon's longstanding commitment to Singapore, the firm plans to invest over the next 10 years to further enhance its data, analytics, insights and solutions to better advise clients on emerging and evolving risks that are increasingly complex and interconnected. In addition, Aon plans to grow its Centre for Innovation and Analytics (ACIA) in Singapore, which houses the new hub, from nearly 180 colleagues to more than 350 colleagues over the same period.
"Climate change is a reality, not a probability. In 2022, there were $313bn in total economic losses from natural disasters globally—$299bn of which was the result of weather and climate events," said Mr Greg Case, CEO of Aon. "The acceleration of innovation and digitalisation will continue to influence the future of business. We look forward to working closely with the EDB to identify local talent, pursue innovation at scale and develop new solutions that help our clients make better-informed decisions around the world."
Through this commitment, Aon plans to further advance its capabilities in several areas to help meet the greatest needs that organisations of all sizes face:
Navigating new forms of volatility: model emerging long-tail risks, with an emphasis on climate, and build predictive models and digital solutions.
Rethinking access to capital: develop best-in-class global solutions based on Aon's capabilities to digest, analyse and innovate leveraging data across the global insurance value chain.
Building a resilient workforce: create scalable workforce solutions through advanced digital technologies and analytics.
Addressing underserved markets: provide access to new solutions to all types of organisations, through rapid deployment and scalable insurance solutions built on digital platforms.
"Singapore is a leading innovation centre and a global leader on climate and resiliency; therefore, it is fitting that we establish our new climate hub here," said Ms Anne Corona, CEO of the Asia Pacific region at Aon. "Through this hub, Aon will be able to provide better analytical capabilities and solutions, which will allow clients to have greater clarity and confidence to shape decisions that protect and grow their businesses. Aon will bring together the best of the firm and the expertise in Singapore to innovate to address new and emerging risks in climate, ESG, workforce resilience, digital client solutions and other key risk and human capital challenges."
Through the ACIA, a cornerstone of Aon's global investment in digital solutions and analytics, the firm:
Builds advanced analytical capabilities, through the combination of leading technologies, extensive data sources and leading data science capabilities.
Designs and develops insightful data and analytics solutions to support Aon's colleagues and clients globally.
Delivers superior outcomes by accelerating innovation, such as Aon Architect, a patented solution that uses machine learning to help employers design optimal health benefit plans, and Aon's Operational Risk IQ solution, a scalable analytics platform that helps organisations assess and manage their operational risks.
Mr Png Cheong Boon, EDB chairman, said, "Aon's climate innovation hub will complement Singapore's growing ecosystem of sustainability solutions providers that can help businesses meet their climate commitments, support their energy transition and explore green growth opportunities.”
Aon established its presence in Singapore in 1983 and launched the ACIA in Singapore in 2012.