Canadian Underwriter

Aon to launch new global reinsurer trading platform

April 5, 2016   by Canadian Underwriter

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Aon Benfield will launch its new global reinsurer trading platform Apr. 11, a move meant to enhance placements with real-time data when ABConnect Placements goes live for July 1 treaty placements, the global reinsurance intermediary and capital advisor of Aon plc announced Tuesday.

Platform to help reinsurers share information globally

The platform “will provide a more integrated, streamlined and documented process for global treaty reinsurance transactions,” Aon Benfield reports in a statement, with the goal being to “better serve clients with real-time data and metrics through enhanced collaboration between Aon Benfield’s reinsurers and brokers.”

“Collaborating with our reinsurer partners through this next generation platform will result in more real-time information to share with clients and enable them to make more informed placement decisions,” Michael Moran, chief operating officer of Aon Benfield, notes in the statement.

Reinsurance underwriters can benefit from one portal to access placements, track progress and manage opportunities across the company, the firm notes. As such, underwriters can manage key milestones in the placement, including the following:

  • securely downloading underwriting submission packages, other key documents and data files;
  • entering quotes with terms and conditions updated in real time; and
  • viewing firm order terms and entering authorized lines.

Moran reports that the company conducted a global pilot with reinsurers during the Jan. 1 renewal “that has helped to shape the process and create a streamlined and efficient trading platform.”

Reinsurers taking part on July 1 renewals will receive initial registration credentials when the first Aon Benfield broker submits a program via ABConnect Placements, the statement explains.

“Once registered, the portal will populate with the underwriter’s Aon Benfield placements as brokers begin publishing additional business on the platform,” the company adds.