In today’s economy, the challenges facing banks remain steadfast. Continued regulatory pressure, Dodd-Frank compliance, interest rate sensitivity and an expectation of industry consolidation continue to raise concerns for banks and their boards. The SEC has issued new guidance regarding the disclosure of cyber events and the FDIC has made it publicly known that they intend to recoup billions of dollars in losses directly from the personal pockets of bank directors and officers. We understand that these issues are important and are at the forefront of every bank director’s mind. Aon can help financial institutions mitigate these risks and improve their competitive posture by providing risk management services designed specifically for the rapidly changing business environment.
Aon Banking Solutions
Aon is unmatched in its demonstrated experience and insight dealing with bank related risks. Among others, our proven core strengths include:
- Market Access & Relationships – As one the largest insurance brokerages, Aon has significant and meaningful relationships with the world’s top insurance carriers. These relationships allow us to work directly with the carriers’ senior management teams to deliver the best possible terms for our bank clients. We know the carriers that are best suited for these risks and have the relationships to deliver meaningful solutions.
- Diagnostic Approach – Aon’s multi-step approach to risk begins with a “Diagnostic” of your current program. We have the knowledge and expertise to evaluate the strengths and weaknesses of your current insurance programs. Our review of your programs will include relevant legal and financial data as well as your own risk management philosophy. It is from this initial “Diagnostic” that we can deliver impactful insurance solutions tailored to our clients’ individual needs.
- Proprietary Data – One of Aon’s greatest strengths is the knowledge and information gained from our extensive client base. Our proprietary tools and analytics assist our clients in addressing their emerging and evolving risks and ensuring optimal risk finance decisions regarding program structure, limits and cost. Aon’s clients and their management teams can relying on “facts” more than “feeling” in making important risk management decisions.
- Legal Team – Aon is able to deliver quality claims service because of our unique claims management system and extensive legal and claims resources. Aon has a legal and claims practice group dedicated exclusively to the assistance of our clients’ management liability claims. This group not only advocates on behalf of our clients to resolve complex claims issues, but also constantly monitors legal proceedings and case law in order to assist with policy language negotiations. This is extremely important, given the tumultuous environment in which banks currently operate.
- Management Liability Professionals – Aon has a team of dedicated management liability professionals who work exclusively on the placement and negotiation of management liability coverage. Within this team Aon also has individuals focused exclusively on banks and other financial institutions. These dedicated teams enable Aon to replicate winning insurance strategies for banks and other difficult to place market sectors.
- Innovative Insurance Programs – Aon’s ultimate goal is to ensure that our clients’ policies respond to their individual needs. We have consistently demonstrated our ability to provide industry leading language and coverage for some of the market’s toughest risks. These products include solutions around Dodd Frank, Mergers & Acquisitions, Privacy & Security and Regulatory coverage.
Regulation and the Financial Industry
Financial Institutions Practice Brochure
2011 Aon Industry Report on Financial Institutions
Privacy and Security Exposures and Solutions
3Q 2011 – Quarterly D&O Pricing Index
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Aon Financial Institutions Practice
Aon has a strong commitment to the financial institutions industry. Our Financial Institutions Practice brings together specialist resources and expertise into one coordinated team dedicated to serving clients in this sector. Aon uses a best in front philosophy (no geographical boundaries) and we staff our teams by aligning client needs with Aon's best talent. We take a highly collaborative approach with clients, working to develop solutions in alignment with their risk management requirements and business goals.