Innovation

Aon understands the importance of corporations contributing to sustainable development and is actively working towards providing positive environmental contributions. Commitment, passion, and unity are at the center of Aon’s values. The company believes in the importance of making decisions and investments that will have a positive impact on customers, employees, community members and the environment. A main function of the firm is to shape decisions for the better; thus, improving the lives of people all around the world.

One innovation Aon has used to advance their work with the UN SDG is their Climate Impact Forecasting. This innovation uses cutting-edge data analytics and model techniques to assess the risks and overall impact of climate change. With this knowledge, the company is able to make informed decisions to mitigate climate change risks and help build a better future.

Another innovation Aon has taken on is their goal to have net zero emissions by 2030. In order to do this the company has invested in renewable energy sources and made changes to their complex supply chain processes to attempt to reduce their carbon emissions. The company has begun to limit the spaces they use, and improve the energy efficiency of their real estate footprint. Along with this, Aon is limiting their travel/commuting footprint by making more eco-friendly travel decisions, such as investing in electric vehicles and a pilot program that aims to access sustainable aviation fuel certificates and attributes. Through these initiatives and innovations the company has actively aligned their business practices with the objectives of SDG 13, aiming to combat climate change and its effects. As a result of their efforts, Aon has been able to use their extensive resources to make a positive change on environmental sustainability around the globe.

Inspiration

Aon is one of the largest management consulting companies in the world with over 50,000 employees. With their vast influence, the company leaders emphasize the importance of shaping decisions for the betterment of their clients, colleagues and communities. The company is inspired by their recognition of the interconnected nature of business success, societal wellbeing and environmental health. Aon’s dedication to improving the lives of people around the world is a major inspiring factor for the work they have done.

Their dedication to improving lives is evident when mentioning the corporate culture of the company which seeks to encourage employees and foster a sense of purpose through the emphasis of their values of diversity, inclusion, and ethical behavior to make positive social and environmental changes. An executive managing director at Aon explained the company’s belief “that businesses are able to thrive when they work closely with their communities, its happy employees, happy clients, happy clients, properly risks.” When more people see benefits from positive company activities and initiatives, the company can take better risks to benefit and sustain generations.

While the company is motivated to benefit the people of today they also feel a sense of responsibility to future generations. Aon’s inspiration stems from the idea that businesses have an important responsibility to have positive, sustainable, lasting effects on the world. With this inspiration, the company is able to strive to improve SDGs and bring about sustainable attitudes in the corporate environment.

Overall impact

The innovation introduced by Aon, specifically their Climate Impact Forecasting and commitment to achieving net zero emissions by 2030, has had a significant overall impact on sustainable development and environmental contributions. By utilizing cutting-edge data analytics and modeling techniques, Aon is able to assess climate change risks and make informed decisions to mitigate these risks, ultimately contributing to a better future for the planet. The company's dedication to shaping decisions for the better showcases their commitment to positively impacting customers, employees, communities, and the environment. This innovation aligns with the objectives of UN SDG 13, which aims to combat climate change and its effects.

In the short term, the implementation of Climate Impact Forecasting and the transition towards net zero emissions have led to immediate reductions in carbon emissions and more sustainable business practices within Aon. These changes have likely resulted in a more environmentally conscious corporate culture and raised awareness about the importance of sustainable development among stakeholders. In the long term, achieving net zero emissions by 2030 will have a lasting impact on the environment by significantly reducing Aon's carbon footprint and setting a precedent for other corporations to follow suit. Evidence of this impact can be seen through Aon's tangible actions, such as investing in renewable energy sources, improving energy efficiency, and making eco-friendly travel decisions, all of which contribute to a more sustainable future for the planet.

Business benefit

The innovation introduced by Aon benefits the business in several ways. By investing in sustainable practices and aligning their business strategies with the objectives of UN SDG 13, Aon enhances its reputation as a socially responsible and environmentally conscious company. This positive brand image can attract environmentally conscious customers and investors who are aligned with the company's values and initiatives. This, in turn, can lead to increased revenue through the acquisition of new clients and partnerships.

The focus on sustainability and climate impact forecasting can also lead to cost savings for the business in the long term. By reducing energy consumption, optimizing supply chain processes, and investing in renewable energy sources, Aon can lower operational costs and improve efficiency. Additionally, the commitment to net zero emissions can open up new investment opportunities for the company, as sustainable businesses are increasingly attractive to socially responsible investors. Overall, by integrating sustainability into its core business practices, Aon not only contributes to a better world but also positions itself for long-term success and growth in a rapidly changing business landscape.

Social and environmental benefit

The innovation benefits society, specifically individuals, businesses, and organizations across the world, by providing solutions to risks. Aon has a wide reach and for their clients, Aon constantly searches for and provides solutions which in turn provide a necessary peace of mind in times when natural disasters, such as hurricanes, storms, fires, which increasingly occur as climate change becomes a recurring concern. The innovation seeks to assist society– individuals and organizations– by minimizing the financial burden caused by the hazards while enhancing and increasing access to resources and services that will aid the recovery. The innovation consists of comprehensive assessments and coverages that provide stability for each unique individual and/or organization, in the face of unpredictable events.

The innovation benefits the environment, as said before, by striving for energy consumption reduction and implementing more sustainable methods. Aon makes efforts to support disaster relief and recovery efforts which assist in facilitating the restoration of ecosystems and communities that are impacted by certain environmental hazards. Their innovation revolves around mitigating risk and ensuring the safety and/or peace of communities, including the people in it and the ecosystem in it.

The innovation does so by utilizing and implementing their wide array of resources to be effective and successful. The innovation revolves around the idea of mitigating risk through reduction and a variety of other ways. It researches and leverages their resources to strategize and assist a variety of groups.

Interview

Joseph Vitale, Managing Director of Facultative Reinsurance