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Aon Broker Phillip Faries Recognized as a 2024 Retail Power Broker

Topics: Retail

Phillip Faries, Vice President, Aon

Portrait of Phillip Faries

Phillip Faries, RPLU
Vice President
Aon, Chicago

In 2023, Weber LLC was preparing to renew its umbrella coverage. It was planning a straightforward renewal with the incumbents, but during the renewal strategy meeting, broker Phillip Faries recommended taking the renewal to the markets.

This ended up being the right approach for the renewal, because only a couple of weeks prior to the policy’s expiration date, the incumbent sent Weber a notice that it would require a higher auto attachment, a corridor for third-party truckers and a premium increase.

“Luckily for Weber, and the recommendations and preparation by Phillip, we had other premium quotes to fall back on,” said Chris Chong, treasure manager at Weber LLC.

“Phillip was able to advise the expiring incumbent that we had other quotes, which did not have the auto and trucker requirements … We did not like how the incumbent handled this renewal, and therefore chose to renew with a new [carrier]. Through marketing the program, Phillip was also successful in negotiating a 23% reduction in our premium year-over-year.”

Steve Young, risk manager at Jo-Ann Stores, stated that Faries also excels at truly understanding his clients’ businesses and the industry as a whole.

“Like many other retailers, Jo-Ann Stores faced some extremely challenging headwinds, from rising wages to higher logistics costs,” Young said. “Phillip is aware of the challenges in our industry and able to articulate our plans to combat the headwinds.”

All 2024 Power Broker Winners

2024 Retail Power Broker Winners and Finalists


What is a Power Broker?

A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they have 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.

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