Congratulations AON Benfield for Winning 2010 Innovation Award
Posted by Mason Power - March 10th, 2010 at 10:03:45 am
Business Insurance Magazine awarded Aon Benfield a 2010 Innovation Award for AON’s “leadership, inventiveness and ingenuity” for FAConnect, the newly-launched web portal solution that enables cedants to bind facultative transactions online in fewer than five minutes.
To launch the comprehensive FAConnect product quickly, AON implemented AgencyPort’s robust, proven and configurable portal framework. Aon Benfield launched FAConnect in January 2010 to serve ceding underwriter clients for high volume but lower premium facultative reinsurance, a market not previously served by Aon Benfield due to the disproportional costs of manual placement.
Business Insurance got it right in recognizing Aon Benfield for changing the way the game is played – the story of FAConnect is a classic example of applying technology to solve a business need as Aon Benfield’s leading advisory services are now available to a whole new market.
In the words of Business Insurance: “Aon Benfield’s FAConnect takes the field of facultative reinsurance and makes that form of capital accessible to risk managers, in ways that were simply not available previously. This shows creativity and vision in bringing an innovation to those who can benefit from it. Using the platform of technology partner AgencyPort, Aon Benfield’s facultative team was able to expand risk transfer options for its risk management clients.”
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