SPARK OF THE CORPORATE
Greg carries more than two decades of industry experience in insurance and financial services. Greg is a proven leader and team builder and has advised and respect of some of the most eminent executives of the insurance industry. Greg has brought a great value to the consulting business of Aon. The willingness of Greg to listen to the clients has brought differentiation in shaping the new vision. The leadership of Greg is all about helping other people to succeed. Greg as a leader has put the time in getting a direct dialogue to go with all the levels of employees. And this has helped him to build growth and attract new talent for Aon. Aon plc is the leading global provider of risk management solutions, insurance and reinsurance brokerage and Human Resource solutions.
Greg’s management experience in the professional services, his hands on experience and knowledge about the insurance industry and his keen understanding of the complexity of the organizations has made him to succeed as a leader and also led to the success and growth of Aon and was the person who has built Aon into the tremendous franchise it is today. Greg is well-experienced as he helped in building the insurance and financial services practice of McKinsey.
Early career ...
The career of Greg started as an investment banker. Greg serves as president and CEO for Aon plc since April 2005. Greg is also a member of the Board of Directors. Aon plc is one of the global leading professional service organizations which provide solutions and advice with respect to Risk, Retirement and Health.
Prior joining Aon, Greg was associated with McKinsey & Company and was responsible for governing the shareholders’ Council. Greg served McKinsey & Company for about 17 years. Over his tenure, he was made the head of the global insurance practice and also for the financial services practice. Earlier to this, Greg was associated with some of the investment banking firms like Piper, Jaffrey and Hopwood and also with Federal Reserve Bank. Greg serves on the boards of Discover Financial Services, Ann & Robert H Lurie Children’s Hospital, St. John’s University School of Risk Management and Field Museum of Natural History. Greg serves as the Director of Discovery Bank and Director of Discover Financial Services.
Stint at Aon...
As a CEO, Greg monitors more than 50,000 employees who are spread across 120 countries. The commitment and contribution of Greg has made Aon to extent the employment contract for three more years. The original term of Greg was till 2020, which is now extended to 2023. He joined the company in 2005, and by this extension his tenure with Aon would be for nearly two decades. Greg opines that great leaders would always help people to succeed and this can be achieved only when the opportunity is understood and the manner in which the opportunities are being met by the colleagues are understood and how the opportunities are best used for their success. Greg has achieved clarity of focus in achieving the turnaround.
Greg opines that an organization can prove to be successful and will be able to sustain the success, by some of the ingredients. The first of all and foremost is having a common vision of what exactly have to be accomplished. The next would be the alignment around that vision. The third ingredient is the effectiveness in serving the clients. The more effective the vision is created for the firm, the more effective the company would be in alignment and collaboration. The more effective the collaboration, the more company would be more effective in building trust and organization as a whole will be effective.
This has been practically implemented by Greg at Aon. Greg has created a vision structure for Aon for improving the quality of the service that is being provided to the clients. Greg tried hard and has gone on world tour in order to talk to the clients and employees and sharpen the vision and thus take Aon to the next level of success.
Greg’s style of leadership...
The strategy adopted by Greg was that of a three-part strategy, which he used for building Aon. The three-part strategy includes providing distinctive value to the clients, attracting the best talent and to achieve operational excellence. Greg has worked towards being the type of leader he mostly desires. He could identify the areas where the employees required help and was able to create a culture that welcomes the inputs from the employees and was successful in getting a leg on the war for the talent. This growth helped Aon in investing its precious time and valuable money into employee-recommended goals and thus helped in moving the company forward. It is because of this initiative that Aon has fuelled the growth and increase the profitability.
Greg has identified the major two biggest challenges facing today’s business economy are risk and people. Risk has been a factor of business life, magnitude, complexity and speed of risk have increased exponentially and the time to respond them has shortened. The companies have also faced the problems related to shortage of talent and other human resource problems. With a global perspective on how to deal with two of the biggest challenges, Greg has provided membership of the Detroit Economic Club.
At times when the insurance industry was under the regulatory scrutiny, Greg had to face and take up the daunting task of squeezing growth from the sprawling portfolio, which includes all the aspects from insurance and reinsurance brokerage to insurance underwriting. Aon is a great company with tremendous global presence with committed and highly talented people, who provide enormous potential in addition to what exactly has been accomplished. The dream of Greg is to reinvent Aon more than what he has done for McKinsey, transform into a company that clients would turn up and seek for indispensable advice in any aspect of insurance industry. In the words of Greg, the fundamentals to the success of Aon are the opportunity to systematically develop advice while dealing with the clients.
Vision for the company...
As the president and CEO Greg works towards uniting the company’s 43,000 employees under a vision of growth and ensure that all the employees are effective. Greg has fine tuned the vision of Aon by laying down three basic focus areas. The first and foremost is to provide the best and most distinctive service to the clients, the second is to ensure very high levels of operational excellence which is mainly employee-driven and third is to attract new clients and talent. This process helped in tying accountability to the vision of the company. With the clear vision of success, all the measurable were easily created.
Greg mainly focused on the thought of the clients and colleagues about the evolution of risk, pay attention towards it and resolving the issues in the context of the business and how to handle the issues.
Greg has learnt valuable lessons out of the themes –
• The increasing size of the world of risk.
• The increasing complexity of risk.
• The increasing level of scrutiny around the risk.
• Risk is mainly about understanding of the opportunity as well as the potential downside.
The journey of Greg with the company is not a cake-walk. He has to face many challenges. In order to replace the profits, the company was being suggested to cut the costs and accordingly change the pricing system.
Success behind his leadership...
Greg has been identified as the 13th highest paid CEO among in Illinois and Northwest Indiana. Later for the year 2010, Greg was identified as the 3rd highest paid CEO of the region. During the tenure of Greg as president and CEO, Aon plc has evolves and has gone beyond the brokerage and has provided advice and many solutions to the clients across their core capabilities of risks, health and retirement. The Net Promoter Score, the metric that is being used for tracking the loyalty has reached all time high with much strong client satisfaction and a high employee retention rate. The percentage of shareholders return has also increased.
Under the leadership of Greg, the company has made many records in the year 2016 with accelerated organic growth, has recorded operating margin and has recorded free cash flow which exceeds the all-time record of $2.11 billion. Under the leadership of Greg, the company is fortunate enough to have real momentum, but Greg opines that momentum never lasts forever and never sleeps. In the respective areas of expertise, one must continuously innovate and should add value to the clients.
Greg has completed his MBA from Harvard Business School and graduated in summa cum laude from the Kansas State University.
Awards and accolades...
|In 2016, the Harvard Business Review has identified Greg as one of the top 100 best performing CEOs of the world.|
|In 2018, the committee of Economic Development has awarded Greg with the Own B Butler Education Excellence Award.|
|Greg has appeared for four times continuously on the 100 Best Performing CEOs list by Harvard Business Review.|
Hope readers caught up the spark...