Aon Benfield announced the launch of its proprietary facultative broking platform. The web portal, FAConnectSM, “brings the broker marketplace to clients’ computer desktops, allowing them to quote and bind their unique facultative risks in less than five minutes through a straightforward user interface,” said the announcement.
In addition the platform “provides a choice of global markets, and is designed for high volume transactions, where frictional costs have traditionally made it uneconomical for intermediaries to participate in the sector.”
Elliot Richardson, CEO of Aon Benfield Fac, explained: “This type of facultative business has traditionally been outside the scope of the reinsurance intermediary marketplace due to the costs involved in placing high volume, low-to medium-revenue transactions into the market.” However, the FAConnect system provides clients with the necessary expertise.
Aon Benfield has initially made six product lines available to clients at launch: Auto Liability Carve Out, Commercial Property, Terrorism, Homeowner’s, Contractor’s Plant and Equipment, and Tourism Legal Liability.
The bulletin said “users simply log-on and input the risk data to receive an automatic quote from their pre-negotiated market of choice. When the risk is accepted, a Fac Summary Page is generated, detailing coverage, limits, and premium information.
“Facilities are monitored in real-time to track and report on underwriting rules, overall activity and production. Bordereaux, management reports and other production reports are also available, and first notices of loss can be processed through FAConnect by Aon Benfield claims teams.”
Aon Benfield CEO Andrew Appel described the new platform as “redefining the intermediary marketplace for facultative risk.” He also indicated that clients in the U.S. and Latin American, as well as the international reinsurance community have shown interest once they are informed of the “benefits this platform can offer. We expect to see strong take-up across our global client base and look forward to opening up the facultative marketplace to our clients in order that they can obtain the best price, terms and service in their individual placements.
Source: Aon Benfield – www.aonbenfield.com
Was this article valuable?
Here are more articles you may enjoy.