Management Consulting
Aon
Full Credential Description
Veolia faced significant challenges in risk management, including fragmented data, a weak risk culture, and persistent loss patterns. When Oliver Wild took on the role of Chief Risk and Insurance Officer in 2013, he recognized the need for a comprehensive overhaul of the company's risk management approach. To address these issues, he and his team conducted a multi-year, in-depth review of global risk exposures, which required substantial investment at the Group level to enhance risk quality across the organization. Despite these improvements, the insurance market's response was inadequate, failing to acknowledge the progress made or the capital invested to de-risk the business. In response to these challenges, Veolia partnered with Aon to develop a structured risk transfer strategy. This strategy included expanding captive retention, leveraging alternative risk transfer, and optimizing open market placements. The innovative risk management structure allowed Veolia to retain underwriting profit, offload uncertain risks, and create competitive tension in the insurance market. As a result of this collaboration, Veolia achieved enhanced resilience, lower overall costs, improved clarity in risk management, mid-term cost stability, and greater confidence at the executive level. The partnership with Aon enabled Veolia to transform risk capital into a lever for growth, demonstrating a clear return on investment in risk management. By integrating risk transfer with predictive analytics, Veolia gained the ability to forecast insurance costs over a five-year horizon, facilitating more strategic, data-driven budget discussions with the CFO. This forward visibility is crucial for managing the complexities associated with digital and environmental transitions. Ultimately, Veolia's innovative approach to risk management has redefined the role of risk capital, positioning it as a strategic asset that supports the company's ecological transformation objectives and long-term growth in an uncertain business environment.