Aon replaces Freeman McMurrick
Aon has launched an Australian third party distribution business.
The company announced this week that it had launched One Underwriting to replace Freeman McMurrick.
Confirming the development, Aon Risk Solutions Australia chief executive, Lambros Lambrou said One Underwriting was part of Aon's new managing general agency strategy in Australia.
"We're harnessing the power of Aon globally to bring brokers in the Australian market a number of things, including broader coverage for their clients and enhanced premium competitiveness through our global buying power," he said.
Lambrou said the company was also leveraging Aon's financial investment in data and analytics to ensure its offerings remained ahead of the curve.
He said the company's objective was to have One Underwriting managing $250 million in premium by the end of 2018.
"We're aiming to make it easier to transact business and we're responding to demand from brokers for the creation of new products and innovative industry solutions," Lambrou said.
"Already One Underwriting has launched a number of new products which have generated interest from brokers we have not traditionally dealt with. This is creating new connections for us."
The Aon announcement said the One Underwriting operation would be led by Alison Smith.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
