CHICAGO, March 18, 2011 /PRNewswire/ -- Business Insurance magazine recognized Aon Risk Solutions, the global risk management business of Aon Corporation (NYSE: AON), with a 2011 Innovation Award for its Litigation Analysis, Mitigation and Benchmarking of Defense Attorneys solution. LAMBDA enables risk managers to improve their organizations' total cost of risk by identifying which legal defense firms provide the best outcomes at the optimal fee.
The LAMBDA solution uses data mining and predictive analytics techniques to identify the legal defense firms that deliver the optimum financial outcomes for clients. This offering helps risk managers understand their underlying legal costs. By placing the focus on performance rather than hourly rates or billing practices, clients can determine the relative effectiveness of the defense firms they engage.
"This casualty risk consulting offering targets an area of inefficiency in many insurance programs," said Kevin Combes, director and lead consultant with Aon Global Risk Consulting, the risk advisory group within Aon Risk Solutions. "There are significant savings available to forward-thinking companies that take the extra step to manage their relationships with defense firms on an outcome basis, as opposed to focusing purely on cutting costs."
"Creating innovative products and solutions is part of our DNA at Aon," said Steve McGill, chairman and chief executive officer of Aon Risk Solutions. "The use of data and analytics for strategic decision support is at the core of our consulting model and allows us to be both strategic and distinctive in how we bring our many solutions to clients. We are very appreciative of this recognition bestowed on Aon by Business Insurance."
Business Insurance's Innovation Awards recognize innovation and leadership in products, services and technologies designed for professional risk managers. An independent panel of risk manager judges scored award submissions on originality, relevance to risk managers, effectiveness in problem solving, ease of understanding and achieved results.
Gavin Souter, editor of Business Insurance, added, "Business Insurance is pleased to recognize innovation by companies and organizations providing services to risk managers. As business processes become more complicated, risk managers are facing a challenging array of problems and exposures that require the type of innovative solutions our award program honors."
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Aon Corporation (NYSE: AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human resources solutions and outsourcing. Through its more than 59,000 colleagues worldwide, Aon unites to deliver 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 in over 120 countries. Named the world's best broker by Euromoney magazine's 2008, 2009 and 2010 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and 2009. A.M. Best deemed Aon the number one insurance broker based on revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary 2007-2010, best reinsurance intermediary 2006-2010, best captives manager 2009-2010, and best employee benefits consulting firm 2007-2009 by the readers of Business Insurance. Visit http://www.aon.com for more information on Aon and http://www.aon.com/manchesterunited to learn about Aon's global partnership and shirt sponsorship with Manchester United.
SOURCE Aon Corporation