Aon Benfield today announces the launch of its highly anticipated 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.
FAConnect 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, Chief Executive Officer of Aon Benfield Fac, said: “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, with FAConnect, clients get the expertise of the world’s leading intermediary without having to leave their desks. We help our clients to quickly navigate what is a complex global marketplace for these types of risk, and utilize FAConnect to efficiently manage their transactions.”
Six product lines have been made available to Aon Benfield clients at launch: Auto Liability Carve Out, Commercial Property, Terrorism, Homeowner’s, Contractor’s Plant and Equipment, and Tourism Legal Liability.
FAConnect 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.
Andrew Appel, Chief Executive Officer of Aon Benfield, said: “With FAConnect, Aon Benfield is truly redefining the intermediary marketplace for facultative risk. We have already received extensive interest in FAConnect from our U.S. and Latin American clients and markets, and the International reinsurance community is now also realizing 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.”
At launch traffic across FAConnect will begin immediately, as Aon Benfield has already received commitment to the platform from several of its clients and markets following extensive field testing over the past three months.
Re/insurer Ascot Underwriting Inc. will be one of the initial placement partners utilizing FAConnect to accept risks from Aon Benfield clients.
Rory Cline, Executive Vice President of Ascot, said: “FAConnect provides an efficient method of driving facultative risks through to our underwriting teams. The portal allows us to connect with our clients quickly, to ensure that we can provide them with coverage as and when they require it.”
Dawnmarie Black, Head of Global Products for Aon Benfield Global Fac, said: “The power of the platform is being realized, and we expect many more clients and prospects to drive significant volumes of business through FAConnect. This is a terrific example of Redefining Innovation at work.”
