Aon Benfield's FAConnect Online Factultative Broking Platform Goes Live

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.

FAConnect, Aon Benfield's proprietary online facultative broking platform, announced last fall, has gone into production. Aon Benfield characterizes Web portal as bringing the broker marketplace to clients' desktops, allowing them to quote and bind facultative risks in less than five minutes on a straightforward interface.

"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," comments Elliot Richardson, CEO, Aon Benfield Fac. "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, according to the press release: 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, according to Aon Benfield. 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.

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