Zywave Professional Front Page News
- Thursday, March 13, 2025
Aon takes the top spot in Zywave's 2024 Pacesetter Index
Aon takes the top spot in Zywave's 2024 Pacesetter Index
By Marie Alyssa Divina, Front Page News
A new winner has emerged.
Insurance broker Aon captured Zywave’s 2024 Pacesetter Award after steadily making the Top 10 since the start of this annual recognition for product innovation and leadership in the P/C industry in 2013.
With 15 new products launched in 2024, the broker nearly doubled its pace from eight new product launches in 2023, unseating WTW from the top spot after the latter held the pole position for three consecutive years.
Two notable Aon product announcements in 2024 were its $350-million insurance program for new capital investments in Ukraine and the introduction of a new severe convective storm (SCS) model in the U.S.
"Innovation is essential in the insurance industry as it enables us to develop new solutions that help our clients make better decisions and effectively manage risk,” said Stephen Hackenburg, head of property and casualty in North America for Aon. “At Aon, we are investing in technology, data and analytics, which has created a clear point of difference for our firm and our clients. Receiving the Pacesetter Award is a testament to our unwavering commitment to innovation and to helping reduce volatility. We are grateful to Zywave for this recognition and for their industry leadership.”
With 10 new products each tracked by Zywave last year, CFC and Marsh tied for second place. CFC climbed one spot from third place in 2023, while Marsh hiked up two spots from fourth place in the previous year.
"We’re delighted to be featured in Zywave’s Pacesetter Index. CFC has a strong commitment to product innovation and continuous investment in new ideas, technology and underwriting expertise which are not only essential to staying ahead, but more importantly to serving our client’s evolving needs,” said CFC Group CEO Louise O’Shea. “Our team works tirelessly to develop solutions that address the emerging risks of tomorrow and provide real value to brokers and customers. This recognition shows our dedication to pushing the boundaries of what’s possible, and we’re proud to be recognized for our innovation in the industry."
The combined units of AXA SA and AXA XL finished third with nine product announcements, dropping one spot from second place in 2023.
WTW finished the year in fourth place with eight announcements in 2024 after nabbing the top spot with nine new product introductions in 2023. It tied with Howden Group, which returned to the top 10 as the year’s biggest gainer after just missing making the list in 2023.
A newcomer to the Pacesetter Top 10, Tokio Marine Holdings had a solid debut in 2024, bagging fifth place with seven new-product introductions.
Mosaic, Palo Alto Networks, and Rokstone – three firms that also made their debuts in the index in 2024 – shared sixth place with five announcements each.
BitSight Technologies, Sapiens, and Sedgwick tied in seventh place with four announcements apiece, rounding out 2024’s top 10. While BitSight is a fresh addition to the Pacesetter, Sapiens ranked sixth in 2020 and fifth and 2021, while Sedgwick placed 10th in 2023.
This year’s “Top 10” is technically a baker’s dozen. With several ties, we opted to expand the Index to properly honor the creativity driving the market forward.
The 13 companies forming the Pacesetter Top 10 led the charge in insurance innovation, despite a year fraught with severe weather events, geopolitical instability, and changing market dynamics. Amid these challenges, the P/C industry showcased innovation and agility. Many product announcements in 2024 centered on mitigating risks, most notably climate, war, cyber, and supply chain. Not surprisingly, numerous AI-powered products and platforms also launched last year.
The Pacesetter Index is Zywave’s annual recognition of product innovation in the P/C insurance industry. The editorial team at Zywave (which acquired Advisen in 2020) has been recording and publishing new-product announcements since 2008 and began releasing the Pacesetter rankings in 2013. Firms are ranked by the number of announcements detailing new products, services, or other innovations. A short history of rankings can be found following this story.
PACESETTER ARCHIVE
2023 Top 10
1. WTW
2. Aon
2. AXA XL
3. CFC
3. Coalition
4. Marsh
4. NIP Group
5. Cowbell
5. HUB International
5. Sedgwick
