AgencyPort adds new client: Aon Benfield
Posted by Mason Power - January 28th, 2010 at 01:01:30 pm
We’re pleased to announce that we’ve signed with Aon Benfield. Our press release is here.
Yesterday Aon announced that they’ve launched a transaction portal for facultative reinsurance. See their press release here. There’s lots of press coverage here.
The business need was to enable Aon Benfield to serve ceding insurance carriers for smaller facultative placements where the cost of placing these transactions in person was prohibitive. Aon Benfield adopted AgencyPortal to drive down placement costs and allow these cedants to use Aon’s advisory services and Aon’s help to tap into a complex marketplace.
The business requirement for a portal was to bring placement straight to the desktop of these cedants – Aon’s clients and to give them an easy-to-use interface where a facultative reinsurance placement could be completed in 5 minutes or less. Aon arranges for multiple reinsurers to provide pre-negotiated facilities for cedants to choose from.
To demonstrate AgencyPort’s ability to get to market quickly, we built a Proof of Concept in a few weeks after which Aon announced the platform in September at the Monte Carlo Rendezvous. The production portal is called FAConnect and it went live this week.
The platform is built entirely on our AgencyPortal application framework and the deal is significant for AgencyPort’s market position for reasons including:
-It further demonstrates our capabilities for rapid deployment
-It is for a new type of transaction – facility or automatic placement and our first implementation in the reinsurance market
-It is for specialty lines of business for which we didn’t have templates ready; it’s the first large-scale use of our ToolKit to build new content and it went much more quickly than in the days before ToolKit
-It’s our first broker client
-It is a global product and the future build-out will be in multi-currency, multi-region, multi-language
For further information please get in touch.
All,
We’re pleased to announce that we’ve signed with Aon Benfield.
Yesterday Aon announced that they’ve launched a transaction portal for facultative reinsurance (to compete with the portals of large reinsurers that use portals to write direct to cedants). See their press release at http://aon.mediaroom.com/index.php?s=43&item=1840. There’s lots of press coverage at http://www.google.com/search?hl=en&client=firefox-a&rls=org.mozilla%3Aen-US%3Aofficial&hs=cbG&q=Aon+FAConnect+2010&aq=f&aql=&aqi=&oq=
Aon had the idea in August, we built a Proof of Concept by September (they announced it at Monte Carlo) and the production portal went live this week. The platform is built entirely on our AgencyPortal and the deal is significant for AgencyPort’s market position for reasons including:
· It further demonstrates our capabilities for rapid deployment
· It is for a new type of transaction – facility or automatic placement
· It is for specialty lines of business for which we didn’t have templates ready; it’s the first large-scale use of our ToolKit to build new content and it went much more quickly than in the days before ToolKit
· It’s our first broker client
· It is a global product and the future build-out will be in multi-currency, multi-region, multi-language
The attached press release is going out tomorrow, we wanted to make sure you had it in advance. Can we set up a quick briefing on this, perhaps a call tomorrow afternoon or on Monday?
Regards,
Mason
Mason Power
VP Product & Market Strategy
Sword AgencyPort
+1.646.289.7033 o
+1.917.348.3998 m
17 State Street, 26th Floor
New York, NY 10004
Mason Power
VP Product & Market Strategy
Sword AgencyPort
+1.646.289.7033 o
+1.917.348.3998 m
17 State Street, 26th Floor
New York, NY 10004
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