What Ryan did say about Aon and other topics

More on Pat Ryan, CEO of Aon Corp., and his comments at the IRMI conference earlier this week.
Ryan spent a fair amount of time commenting on the Spitzer investigations and impact thereof. He noted that the sheer time and resources required to respond to the Attorney General’s inquiries, along with the potential for ongoing negative press, played a large part in Aon’s decision to settle the case.
Ryan also noted that Aon has embraced the concept and reality of transparency, wherein all clients would know exactly what Aon was being paid and by whom for what work. Aon has abandoned the contingent commission revenue model, which has led the company to increase fees to some customers.
His comments on transparency and Aon’s commitment to same were direct, comprehensive, and revealing. Ryan clearly understands that the landscape has changed, that the old ways of doing business are no longer acceptable, and that Aon must operate within the new reality created by Spitzer and other outside forces.
Ryan noted that while the risk managers who are his firm’s main contacts were not concerned about the contingent commissions, their bosses were. Evidently Ryan heard directly from the CEOs and CFOs that they did not like the practice.
He predicted that there will be more, not less, regulation in the future, noting that “we are in the fourth inning”. Here’s hoping we aren’t tied at the end of nine…
What does this mean for you?
While I am frustrated at Ryan’s failure to mention health care costs and medical trend, his comments indicate a keen awareness of the importance of transparency and direct dealing. That is to his and his company’s credit.