AgencyPort (Boston), supplier of the AgencyPortal Web-based platform, has announced that it supplied key technology for FAConnect, Aon Benfield's (Chicago) Web portal for the placement of high volume, low- to medium-revenue facultative transactions. The platform, which went live yesterday, allows Aon Benfield clients to quote and bind their unique facultative risks in less than five minutes through a straightforward user interface.
While FAConnect leverages functionality from earlier AgencyPortal implementations such as quoting and binding for single or multiple placements, first notice of loss reporting, management reporting and bordereaux processing, AgencyPortal was extended to handle pre-negotiated facilities between ceding insurance companies and their chosen reinsurance markets and to do so for lines of insurance not before implemented by AgencyPort, the vendor reports.
"The launch of FAConnect in mere months is a testament to the application variability and product maturity of AgencyPortal and its Toolkit architecture," asserts Steve Hauck, president, AgencyPort. "Aon Benfield is breaking new ground in serving the reinsurance market, utilizing our market leading application framework for deploying transactional portals. Through innovative product development, AgencyPort continues to be the provider of choice and to enable players in the P&C market to differentiate themselves in their markets."
Having spent several months testing FAConnect platform with clients, since the announcement of the platform in Sept. 2009, Aon Benfield Fac has received considerable interest in the marketplace, according to Dawnmarie Black, Head of Global Products, Aon Benfield Fac, said "Since announcing FAConnect in Sept. 2009 and having spent several months testing the platform with clients, Aon Benfield Fac has already received extensive interest in the marketplace. "With a range of facilities on offer from the world's leading reinsurance markets, FAConnect has hit the ground running and has immediately assisted clients in managing their own facultative programs," she comments.
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