Aon Broker Matt Maloney Recognized as a 2019 Employee Benefits Power Broker
Matt Maloney, Partner, Connecticut Practice Leader, Aon
Matt Maloney is a problem solver. When a large chemical company faced massive premiums resulting from having multiple pension programs — the result of a complex ownership structure that evolved over the years — he sprung into action.
Many participants had benefits under several plans, and the company was forced to pay premiums two, three, or even four times for the same employee.
In 2017, that amounted to approximately $150,000 of duplicate premiums. Over the decade, that amounted to around $3 million in excess premiums.
Maloney designed a strategy to move benefits for hundreds of former employees among the various pension plans and eliminate duplicate premiums. The result was a costs savings of $400,000 in 2018 and millions more over the coming decade.
The president and CEO of the company called Maloney the “ultimate professional,” “extremely knowledgeable” and someone with “the ability to speak about complicated subjects in layperson terms.”
Maloney was also integral in the Dow/Dupont merger. It brought together two of the world’s largest multinational companies and resulted in three different businesses: one for agriculture, one for materials science and another for specialty products.
“The merger of equals with Dow and preparation for the subsequent split into three companies have been a very complex process, yet Matt has continued to provide helpful and straightforward consultation on employee retirement programs,” said Patty Yang, chief actuary at Dupont.
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by Risk Managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.