|Covered Lives Expected to Increase by 60%; Participating Companies Expected to Grow More than 40%
LINCOLNSHIRE, Ill., Oct. 7, 2014 -- Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE: AON), today announced that it expects more than 1.2 million employees, retirees and their eligible dependents from more than 100 companies to choose individual and employer-sponsored health benefits through Aon's suite of private health exchanges. This is up from more than 70 companies and over 750,000 employees, retirees and their eligible dependents. As a leader in health solutions, Aon also administers traditional, self-insured health benefits for more than 9.5 million employees and retirees.
Aon's suite of market-leading exchange solutions—which includes the Aon Active Health Exchange and the Aon Retiree Health Exchange—are part of a comprehensive portfolio of health care solutions designed to meet the full range of companies' health priorities. Participating companies represent more than 19 different industries, including finance, manufacturing, retail, health care, technology and business services.
"Our exchange solutions offer companies an innovative way to lower costs and increase choice for employees and retirees by leveraging competition and consumerism," said Cary Grace, CEO of Aon Exchange Solutions. "The strong growth and significant interest in our exchanges reinforce that private health exchanges create a more powerful and efficient market for health insurance and improve the way it is evaluated, purchased and used."
Private Exchange Adoption for Active Employees
Aon expects more than 30 companies, including all 18 companies that participated in the Aon Active Health Exchange in 2014, to offer health benefits to more than 850,000 active employees and their eligible dependents through Aon's exchange solutions.
"Organizations are looking for new approaches that enable them to provide more choice, lower costs and increased efficiencies for employer-sponsored group coverage," said Ken Sperling, Aon Hewitt's National Exchange Strategy Leader. "Aon's private exchange solutions are accomplishing these goals and more on behalf of companies and their active employees."
The Aon Active Health Exchange, Aon's large market private exchange solution for active employees, features more than 30 national and regional medical, dental and vision carriers. Aon has also expanded the coverage options to also include 10 different elective benefits, including critical illness, long-term disability, identity theft, legal and home/auto insurance.
Private Exchange Adoption for Retirees
Aon expects approximately 350,000 retirees from more than 50 companies to choose individual health coverage through the Aon Retiree Health Exchange.
"Companies want to maintain their promise to support the health and financial security of their retirees, but they are looking for solutions that allow them to do so in a way that maximizes value for retirees while managing costs," added Grace. "The growth and interest we see in our unique and personalized approach reinforces the value that our high-service model provides to large organizations with a deep commitment to providing ongoing care and service to their retirees."
The Aon Retiree Health Exchange features dedicated advisors and robust decision support tools to help retirees and their families understand their full range of options and make smart choices in the individual health insurance market. Retirees have access to more than 90 health insurance carriers and 3,700 different plans, some of which are exclusive to Aon, plus dedicated and licensed benefits advisors who provide one-on-one counseling and are available year round to assist retirees with any questions.
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About Aon Hewitt
Aon Hewitt empowers organizations and individuals to secure a better future through innovative talent, retirement and health solutions. We advise, design and execute a wide range of solutions that enable clients to cultivate talent to drive organizational and personal performance and growth, navigate retirement risk while providing new levels of financial security, and redefine health solutions for greater choice, affordability and wellness. Aon Hewitt is the global leader in human resource solutions, with over 30,000 professionals in 90 countries serving more than 20,000 clients worldwide. For more information on Aon Hewitt, please visit www.aonhewitt.com.
Aon plc (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 66,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world's best broker, best insurance intermediary, best reinsurance intermediary, best captives manager, and best employee benefits consulting firm by multiple industry sources. Visit aon.com for more information on Aon and aon.com/manchesterunited to learn about Aon's global partnership with Manchester United.