Aon’s Nordic Head of Client Partners, Thomas Frost, on the Future of Risk Management and the Maturity of Aon’s Client Partner Concept

Q: A year ago, you made the transition from the insurer side to joining Aon. What motivated this change?

A: If you can't beat them, join them, right? But let's not be too melodramatic. I was genuinely curious and drawn to Aon's vision and their commitment to driving change in an industry that can sometimes be seen as conservative. Joining the consultancy side has been an incredible experience for me, allowing exploration of a much broader risk universe than I ever did during my time in the insurance sector. From Risk Capital solutions to Human Capital solutions, I've had the opportunity to dive into diverse areas.

Q: How is this different compared to your experience on the insurer side

The nature of insurance relies heavily on data and statistics, estimating the likelihood of events and committing capital. The professional services side is more agile, getting closer and more involved in our clients’ real time challenges, working alongside our clients to find immediate and sustainable solutions. At Aon, we engage in a much broader risk universe, from Risk Capital solutions to Human Capital solutions, recognizing the increasing interconnectedness of these aspects.

Q: Could you elaborate on the specific risks that stands out?

We find ourselves in a time where risk is at the top of the agenda for companies globally. Global volatility, influenced by factors such as the aftermath of COVID-19, climate change, political unrest, and financial pressures are all impacting the economy across industries. Looking at Aon’s 2023 Global Risk Management Survey (‘GRMS’), a publication based on feedback from more than 2.800 business leaders world-wide, we see how Cyber risk remains the number one risk facing organizations globally, followed by business interruption. Supply chain risk ranks at its highest in 14 years, reflecting geopolitical conflicts disrupting an interconnected world.

Human capital issues are no longer seen as simply a people problem but a key business risk affecting innovation, competitiveness, and exposure to various risks. In 2023, “attracting and retaining top talent” ranked fourth globally, after not breaking into the top 10 in 2021, demonstrating a shift in how business leaders are viewing human capital. Still, only 11 percent of survey respondents indicated they have quantified their people risks, illustrating a significant gap between risk awareness and risk preparedness.

Q: Any surprises in the GRMS survey?

Despite recent headlines, leaders do not rank climate change and AI among the highest risks – that is a surprise to me and something I think will change going forward.

Q: You joined Aon shortly after Aon locally introduced the Aon Client Partner (ACP) concept in the Nordics. How has the journey been, and why is this the “way forward” at Aon?

We live in an industry which is not often spoiled with Innovation, and the ACP concept was a bit of innovation on how to drive “Client Management 2.0”. It’s about ensuring we support our clients in the best possible way, responding better and faster to their needs. The challenge we faced was how we better could allow specialists to focus on their expertise while enabling others (Customer Matter Experts) to match them based on client needs.

Our industry tends to work in silos, but the clients risk landscape has become increasingly more complexed and interconnected. A health & safety challenge can be rooted in organizations limited assessment of certain staff, which again can have an increased financial effect on their risk transferring premiums. Examples are many and that is why we want to bring a wider risk discussion to our customers’ risk agenda as they navigate across. This concept is still maturing and developing but we have seen some great results and very positive feedback from clients. This is also why we are expanding the model into the other Nordic countries, as we are setting our clients up for making better decisions.

Read more in the Aon’s 2023 Global Risk Management Survey (‘GRMS’)