Fears may loom around the insurance sector with regards to the potential impact of Brexit on their business – but one company clearly believes that from chaos comes opportunity.
Plc has today announced the launch of what it is calling a Brexit Navigator – a bespoke and proprietary solution meant to help organisations quantify the impact of Brexit risk exposures and also redesign their risk management and risk financing structures.
“Extensive conversations with clients from different sectors and geographies over the past four months have given us a unique perspective on companies’ Brexit concerns,” explained Grant Foster, managing director UK of Aon
Global Risk Consulting. “These insights, combined with our deep and extensive expertise in risk advisory and solutions, have enabled us to develop Brexit Navigator.”
According to a release accompanying the announcement, the Brexit Navigator is a “three step solution” that presents scenario-based insights for each of the EU Four Freedoms: goods, capital, services and people, which help assess the impact of Brexit. The three steps are as follows:
- Baseline, step one – Evaluates just how Brexit-ready an organisation is, mapping out the potential risks and opportunities.
- Balance, step two – Realigns the risk management and insurance programme to adapt to the new organisational risk tolerance and appetite.
- Horizon, step three – Tests the changes introduced to an organisation’s programme to help ensure resilience for the future.
“Like all emerging risks, the sooner an organisation can plan for an eventual outcome the better,” explained Eddie McLaughlin, chief commercial officer EMEA at Aon
Global Risk Consulting. “Brexit Navigator will help clients measure and respond to risks and opportunities created by Brexit.”