As the credit crunch spiraled into the most severe financial crisis since the Great Depression, global insurance clients found themselves facing new challenges, with liquidity disappearing from capital markets and the worry that major global insurance providers might be declared insolvent.

To help Aon's clients survive and prosper in these difficult times, Aon deployed a three-pronged business risk response. Based on communication, targeted solutions and future planning, these initiatives form a powerful nexus and chart a course for calmer weather ahead.

1. Communication Risk Central—The Aon Situation Room

As the storm clouds were gathering, insurance brokering war rooms were established in Chicago, London, Rotterdam and Hong Kong to monitor the ever-changing situation and to develop strategic solutions. At the same time, led by Aon senior professionals and staffed around the clock, the Aon Situation Room brought together all the information clients needed, including news stories, market security information about individual insurers, and the steps governments around the world were taking to address the crisis. Clients were able to access all this information whenever they needed it through the Aon Situation Room web site, and over 37,000 separate people used the site in its first few weeks of operation.

In addition, clients were able to take part in a series of conference calls to hear firsthand from key global business players, including leaders from AIG, as well as U.S. government officials. Supporting clients' need for answers to specific questions, the Aon Situation Room fielded thousands of queries as they flooded in, and ensured that all of them were answered.

"In a crisis, the first thing you need is reliable information to help you understand what's going on, and enable you to make the right decisions," says Phil Clement, Aon's global chief marketing and communications officer. "The last thing you have is the time to go hunting for that information—you need it brought together in one place. That's what we delivered through the Situation Room."

Clients certainly appreciated the information, with many taking time to express their approval. "In addition to your conference calls, your Aon Situation Room is the best effort that I have seen coming from the broking community" was just one example of the positive comments received.

2. Targeted Solutions for Insurance Brokering Excellence

Aon's Insurance Brokering Excellence teams rapidly identified the new issues clients were facing, and put in place effective solutions to address them. "Dealing with a crisis of this scale meant breaking down the challenges clients faced so that we could provide effective solutions," says Michael Moran, Aon's executive vice president for brokering excellence. "We could see that what clients wanted were ways to stabilize their programs, access new coverage options, guard against further economic instability and market volatility, diversify their portfolios, and above all, to be in a position to respond effectively to unexpected events."

Drawing on expertise within Aon and with carriers, the Brokering Excellence teams rapidly delivered a number of services to help clients with these challenges. They included: