Aon’s Zakhary: Embracing risk through a data-driven approach

Speaking to The Insurer TV at the Rendez-Vous de Septembre in Monte Carlo, Sherif Zakhary, CEO of Aon's Strategy and Technology Group, outlined how Aon uses data and analysis to help clients capitalise on trends and opportunities.

This year’s event marked two years since Aon launched its Strategy and Technology Group, which combines insights and software to help (re)insurers make better business decisions.

The strategic focus hasn’t changed, according to Zakhary. “We continue take a very data-driven, fact-driven approach to help our clients sustain their business and drive towards growth,” he told us.

Identifying profitable growth opportunities

Meanwhile, Zakhary was keen to outline his commitment to embracing risk and driving growth ambitions.

“We have never been in a time of greater volatility and complexity. If you have a better understanding of those elements influencing our industry, not only do you stand a better chance of capturing those opportunities, but you are ready to move with real urgency and purpose once they arise,” Zakhary said.

Aon recently published a paper on profitable growth, which highlights the importance of ensuring clients, markets and reinsurers all have a plan – not only for access and allocation of capital, but to address risk, distribution and pricing.

“Profitability comes from having a plan to execute those opportunities,” he added. “It allows the best performers to move quickly and be at the forefront of setting terms and conditions and the direction of travel for the industry.”

Capital boosts

Zakhary cited four key trends – trade, technology, climate and workforce – that Aon is focusing on to go beyond its existing pool of capital and risk and move into analysing current risk opportunities.

“We want to see the relevance of our industry continue to grow, and that's by embracing risk and uncertainty through a data-driven, fact-driven approach,” he added.

Another area in which Zakhary was keen to highlight growing opportunities beyond property and casualty was life business – solutions around life, annuity and health.

“It is an industry dictated by large, complex data analysis. We have the market-leading technology with our PathWise platform, which allows clients to access, analyse and prepare that data to make better decisions.”

Key challenges into 2025

Looking ahead, Zakhary believes that risk and complexity issues are "here to stay”, and that opportunities will come from embracing rather than avoiding them. Analysing these trends and understanding the data that’s driving them will “allow us to grow the pot overall” in terms of new capital coming into the industry.

“The clients that are ready to understand and act on both the risks and opportunities will be well-positioned in 2025 and beyond,” he said.

Watch the 8-minute video with Aon’s Sherif Zakhary to hear more about: