Aon Benfield Fac, the facultative reinsurance division of Aon Benfield, the reinsurance intermediary and capital advisor, today announces a groundbreaking online service to expedite the placement of facultative risks.
The innovative new web portal, FAConnectSM, allows Fac clients to submit risk placements via individual risk screens or via multiple risk upload. Within five minutes of logging on, the client can obtain a quote and then bind their unique placement(s) through a choice of markets dealing with small to medium value facultative transactions.
By delivering the intermediary marketplace to their desktops, the technology reduces the need for manual processing and ensures that Fac clients benefit from easy access, choice, and flexibility, as well as a reduction in execution risk.
Elliot Richardson, Chief Executive Officer of Aon Benfield Fac, said: “With FAConnect, Aon Benfield has pushed the boundaries and expanded the capabilities of the facultative reinsurance broking sector. We are providing a major new delivery point for facultative capacity, something we are proud to do and which will further promote the continued growth of facultative solutions in the reinsurance market. FAConnect has been developed following in-depth discussions with dozens of clients and markets to ascertain their specific requirements in the facultative marketplace.”
Using a best practice approach to global facility management, FAConnect includes standardized master slip templates, endorsement templates and bordereaux.
The platform raises the bar in facultative broking, offering new and enhanced risk transfer options for all Aon Benfield clients, consistency and expediency in moving high volume fac business into the reinsurance markets, and the opportunity for Aon Benfield to provide further added value in this important sector.
Dawnmarie Black, Aon Benfield Co-Head of Global Products, added: “The frictional costs of small transactional facultative programs have historically kept reinsurance intermediaries and the underwriting marketplace away from actively pursuing this client base. We believe that our new portal, global distribution platform and unparalleled market relationships will enable us to offer a variety of products to this sector to the benefit of our clients and reinsurance markets alike.”
Having been endorsed by both clients and markets, FAConnect will be launched in January 2010 with client demonstrations beginning in Q4 2009.