Post Magazine - Aon to go electronic for specialist business

Post Magazine - Aon to go electronic for specialist business: "Aon to go electronic for specialist business
Aon UK has announced that it will move to a full electronic trading capability during 2006 for its specialist insurance and reinsurance businesses.
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 company claims that 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.
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 reduce"