The Design & Consulting Firms practice is a newly formed practice group, its two constituent practices being the Design Firms practice
(previously known as the Design & Project Professionals Practice dp3
), and the Consulting Firms practice.
This grouping brings together the personnel and highly regarded expertise of both previous practices to better serve our clients in the handling of these complex risks.
Aon Risk Solutions' Professional Services practice is the only insurance broker with a unified team dedicated to providing brokerage and risk advisory services to
consulting firms. We currently serve five of the top 10 consulting firms and over 25% of the top 50 segment. Our clients span the whole range of
consulting activity, including strategy, operational/business advisory services (BAS), HR/benefits, IT/technology and business process outsourcing (BPO).
The team includes professionals in New York, Chicago, Montreal, Bermuda, London and Paris, and works with insurers in all of the key
insurance marketplaces around the world.
As a trusted risk advisor, our key differentiators include the following:
- Global servicing and broking footprint
- Unparalleled market access and leverage
- Unique market intelligence and insights
- Ability to provide risk analytics (such as benchmarking, loss statistics and actuarial analysis)
- Ability to provide risk management diligence services
- Proven expertise in alternative risk financing techniques (esp. captive financing)
- Proven expertise in global fronting/compliance (i.e., to achieve compliance with regulatory and client-imposed requirements)
- Ability to handle PI/E&O plus all other lines of coverage (such as D&O/ML, EPL and P&C) within the same group
The team's core capabilities include the following,
- Risk identification and analysis (including the provision of PI/E&O loss data and claim trend information)
- Risk/loss scenario modeling (including Maximum Probable Loss estimates)
- Actuarial analysis and modeling
- Risk control audits and risk awareness training
- Coverage analyses/audits and program benchmarking
- Policy drafting and manuscripting
- Program design, development and execution (utilizing both mono-line and multi-line structures, as well as alternative risk financing techniques)
- Negotiation and placement of "best fit" coverage
- Program administration and servicing (including the issuance and administration of insurance certificates and coverage letters)
- Development, implementation and administration of local fronting/compliance programs (where required)
- Risk management team support and provision of strategic advice as to insurance (and risk management issues) relating to client contracts, new business ventures and acquisitions
- Claims handling, advocacy and support services (including guidance and technical support on all claims-related issues)
Analysis: Contracting Trends
Consulting firms are increasingly feeling pressure from clients in respect of risk allocation and contract terms. In many cases, the damages cap is being increased to multiples of the consulting fee - and there is very often an increasing number of carve-outs to the damages cap (notably for “breach of confidentiality,” which would typically include data breach situations). Aon has prepared a summary addressing the risk management and insurance impact of this development.
To receive a copy of this document, please contact Dominic Davison-Jenkins