India is not just a market, it's a growth accelerator: Jennifer Richards, Aon Asia Pacific CEO

Professional services firm Aon has made significant strides in India recently. Last year, it expanded its risk, health, and reinsurance capabilities through a key acquisition. It has also accelerated its “Aon United” strategy, bringing together talent and capability across verticals. Additionally, India houses a significant business hub for Aon, with over 7,000 employees. “India is one of the world’s fastest-growing economies, and for Aon, it is a strategic growth engine. It’s a critical part of our broader Asia Pacific growth roadmap,” said Jennifer Richards, Chief Executive Officer–Asia Pacific, Aon, told ET in a recent interview. Edited excerpts:

Q: What opportunities does Aon see in India?
India is dynamic and promising. Its young, tech-savvy population and rising middle class make it ripe for innovation and transformation. We are not just looking at India as a market—it is a growth accelerator for our entire Asia-Pacific strategy.

Our recent acquisition has deepened our footprint across seven new cities and broadened our commercial risk, health, and reinsurance offerings. We now have a stronger platform to serve clients at scale.

Regulatory changes are also opening doors. India’s evolving insurance legislation aligns well with the government’s ‘Insurance for All by 2047’ vision. Aon is well-placed to support this transformation through our global expertise and local execution.

Q: What workforce trends are you seeing globally and regionally?
Several trends are shaping the future of work: Hybrid models are redefining the workplace. Skills, not just roles, are becoming the new currency. AI adoption is growing, but human insight remains central. Attracting and retaining talent is now among the top five global risks.

In India, Aon’s recent Employee Sentiment Survey report showed that 82% of employees are open to changing jobs within the next 12 months—much higher than the 60% global average. Notably, 71% feel undervalued.

Healthcare costs are rising rapidly. It’s a challenge for employers and employees, especially as medical coverage is the most valued benefit among Gen X and Y in India. 76% of Indian employees would even trade current benefits for better options. That’s a clear signal: companies must redesign reward strategies to reflect evolving expectations.

Q: How is AI transforming the workforce?
AI isn’t replacing work; it’s reshaping it. Some will work with AI, others around it, and some through it. Embedding AI in workflows will redefine how tasks are performed and who performs them.

AI will also transform the employee experience -- from talent architecture to HR operating models. However, only 39% of companies have communicated an organisation-wide AI strategy. Leadership is key to aligning AI with business goals.

Upskilling is essential, too. Organisations need to re-skill for higher-value roles while automating transactional tasks. Governance is equally critical. Many organisations are still in the exploratory phase, using micro-projects and internal initiatives to understand how to integrate AI at scale.

Q: How are geopolitical issues impacting talent?
A volatile geopolitical climate -- protectionism, regulatory shifts, conflicts -- influences how Indian companies manage talent. Key impacts include: 1. Rising compensation pressures: India’s role as a tech and compliance hub has driven up wages, especially in AI, digital, and ESG roles; 2. Global capability expansion: India is now a go-to for nearshoring. Companies are setting up global delivery centres here, intensifying the talent crunch; 3. Leadership challenges: Many Indian firms expanding globally lack leaders with global experience, and finally, 4. Cost vs productivity: With global growth slowing, there’s a renewed focus on workforce efficiency.