First broker to make London market e-commerce vision a reality
LONDON, 22 June 2006 – Aon UK has today announced that it will move to a full electronic trading capability during 2006 for its specialist insurance and reinsurance businesses.
In a phased approach, Aon will begin to transition its portfolio of specialist insurance and reinsurance business from physical to electronic distribution in July this year. This means that in the near future all contracts and endorsements distributed by Aon in London can be signed on-line, not on paper.
The implications for insurers and reinsurers are far reaching. They will now be able to receive electronic notification of the incoming offers, agreed quotes and signed lines directly into their underwriting systems. This will provide greater transparency and certainty around the contract, remove much of the re-keying associated with the current process and also significantly reduce the possible degradation of information provided to underwriters.
These greatly improved processes will give Aon�s clients around the world easier access to London underwriters.
Aon has developed its own technologies for preparing the electronic submission and will distribute risks from its Concert / Aon Broking Connections (ABC) platform using internationally compliant ACORD messaging.
�We have made significant progress developing agreed standards with the G6 group of underwriters and are now in a position to optimise the use of these standards. Our infrastructure gives insurers and reinsurers connectivity options suited to their own strategy,� explained Ian Summers, director of change strategy at Aon. �Aon’s technology can talk either direct to insurers or reinsurers or via a service provider of their choice, all to the benefit of our clients.�
Aon is working with a number of hub providers and, in the case of the RI3K electronic market place, has simplified the interface and agreed a substantially reduced pricing tariff for underwriters to reflect the increased volumes Aon believes this will generate.
Aon�s initiative builds on its successful ABC programme which has already built post placement links to clients and markets, recently passing the 100,000 mark for presentation of electronic claims files to the market.
�The technology is now in place and Aon is ideally positioned to help the market make the transition from paper processes to the vastly more efficient electronically supported processes. We are proud to continue our leadership in the modernisation of the London market,� concluded Mr Summers.
Aon Corporation is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 46,000 employees working in Aon’s 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.