Professional Services is Aon Risk Solutions' industry practice group for law
firms. We are a global broker. In addition to our North America presence, we utilize dedicated Aon client service/brokerage teams in London, Bermuda, Europe, Asia and Australasia. This maximizes options for our clients as we are all one team. Because each team member works for Aon, we are able to provide seamless market access and client service. Most other brokers do not have the capability to service their clients' business without the use of third parties.
The Professional Services practice is unique within the insurance brokerage industry in that we are a discrete service unit, providing our clients with virtually all the services they may require regardless of their location. Unlike most brokers, one team provides:
- Client advisory service
- Insurance placement and brokering
- Program Design & Implementation
- Risk management and loss prevention services
- Claims handling and advocacy services
- Benchmarking data – price, limit and retentions
In the insurance transaction, Professional Services is a client advocate rather than an agent of insurers. Our philosophy is
"clients first", and we use our expertise and leverage to obtain the broadest coverage with quality insurers at competitive pricing. To help our client manage its risk, we will provide multiple alternatives for coverage rather than a single renewal option.
As a discrete specialty practice, our professionals work exclusively with law firms. This has created an institutional knowledge base that cannot be replicated by other brokers. Many of our team members have spent the vast majority of their careers at Aon or its predecessor, Minet.
Professional Services is a collaborative practice of professional brokers who consult with one another and pool their considerable experience and expertise in placing the most difficult and demanding risks. We negotiate directly with the most senior underwriters of each insurance carrier with which we deal. We negotiate with a multitude of global insurance companies that we consider to be the most committed, financially stable, aggressive and appropriate for the client. Market intelligence, experience, and best practices are shared regularly. Each broker is recognized in our industry as a true
"specialist" in law firm brokering.
Unlike other brokers, there is no "handoff" of services within Aon. Our team retains all responsibility and control for the placement of coverage. Components of the process include:
- Meeting regularly with our clients to understand their nature and their specific insurance needs. This includes reviewing the current program as well as open claims/circumstances. This often leads to a discussion on potential policy enhancements.
- Discussing with our clients the insurance markets that we will approach for coverage, including disclosure of the commission Aon receives from each market.
- Working with our clients on the application. We will review an initial draft of the application and work with the Firm to improve the Firm's submission to the markets.
- Preparing clients for underwriting meetings. This includes providing a Firm with a comprehensive list of potential questions, and providing
"mock" underwriting meetings when necessary. Aon accompanies our clients to all underwriting meetings.
- Negotiating directly with the insurance markets. We focus not only on price but also on the terms and conditions of the insurance. In many instances, this includes drafting endorsements so that the ultimate policy is tailored to a Firm's specific needs.
- Presenting terms to the Firm. This can include several options for coverage.
- Binding coverage and invoicing the Firm. We also can provide options for premium financing.
- Serving as the Firm's claims advocate. The Professional Services practice has
experts that are dedicated to advancing our clients' interests in the claims
As the largest broker to professional service firms, our market knowledge and relationships are unparalleled. We are often the industry catalyst for policy language enhancements. We are in the market every day.
There are some advantages granted to clients of our group that are typically not available to clients of other brokers. This is based not only on the volume of premium we bring to the markets, but also on the markets' perception of our integrity, professionalism, and segment knowledge.
As part of our ongoing commitment to its clients and to better address their needs in the ever-evolving legal market, Aon introduced its Law Firm Advisory Team in 2018 to provide consulting and management services to law firms. Please click here to learn more about the Law Firm Advisory Team and how it may assist your firm.