Management Consulting
Aon
Full Credential Description
Aon Employee Benefits launched a new benchmarking database tool called Aon Bench, specifically designed to address the needs of UK organizations seeking to understand their competitive positioning in employee benefits. The primary issue faced by clients was the lack of quick and efficient access to comparative data regarding costs and plan design attributes for benefits such as private medical insurance (PMI), group income protection (GIP), and group life assurance (GLA). Traditionally, this information required manual collation, which was time-consuming and prone to inaccuracies. The tailored solution provided by Aon was the development of Aon Bench, an online tool that allows consultants to generate client-specific comparisons of costs and key plan design features. This tool enhances plan comparisons by offering insights into premium rates, benefit escalation rates, and reimbursement limits. It features statistical distributions and attribute-by-attribute comparisons, ensuring that clients receive a comprehensive view of their benefits landscape. The quantifiable results achieved through the implementation of Aon Bench include the ability to deliver up-to-date information, as the data is refreshed daily and undergoes rigorous quality checks. This ensures that only accurate and reliable designs are included in the database. The tool has been well-received, allowing employers to quickly and efficiently assess the competitiveness of their benefit programs, thereby enhancing their strategic decision-making processes. Aon plans to expand the tool's capabilities further by incorporating additional product lines and plan design attributes, demonstrating a commitment to continuous improvement in employee benefits analytics.