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Aon Benfield Fac to Offer Online Placement of Facultative Risk

FAConnect will allow Aon Benfield Fac's insurance carrier clients to submit risk placements via individual risk screens or via multiple risk upload and bind placements within five minutes of logging on, the vendor claims.

Aon Benfield Fac, the facultative reinsurance division of Aon Benfield, the world's premier reinsurance intermediary and capital advisor, has announced its creation of FAConnect, an online service to expedite the placement of facultative risks. The service will go live in January 2010 with client demonstrations beginning in the fourth quarter of 2009.

FAConnect, allows Fac's insurance carrier clients to submit risk placements via individual risk screens or via multiple risk upload, according to an Aon Benfield source. Within five minutes of logging on, the client can obtain a quote and then bind their unique placements through a choice of markets dealing with small to medium value facultative transactions, the vendor claims.

"With FAConnect, Aon Benfield has pushed the boundaries and expanded the capabilities of the facultative reinsurance broking sector," comments Elliot Richardson, CEO, Aon Benfield Fac. "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 vendor reports..

The Aon Benfield sources characterizes the platform as raising 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.

"The frictional costs of small transactional facultative programs have historically kept reinsurance intermediaries and the underwriting marketplace away from actively pursuing this client base," says Dawnmarie Black, co-head of Aon Benfield Global Products. "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."

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio

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