ABConnect Placements, which will be in place for July renewals, will provide a more integrated, streamlined and documented process for reinsurance transactions.
According to Aon Benfield, the goal is to better serve clients with real-time data and metrics through collaboration between its brokers and reinsurers.
The new product allows reinsurance underwriters to benefit from one portal to access placements, track progress and manage opportunities across Aon Benfield.
Underwriters will now be able to securely download underwriting submission packages, other key documents and data files, enter quotes with terms and conditions updated in real time, and view firm order terms and enter authorised lines.
Michael Moran, COO of Aon Benfield, commented: “Collaborating with our reinsurer partners through this next generation platform will result in more real time information to share with clients and enable them to make more informed placement decisions.”
“We conducted a global pilot with reinsurers during the 1 January renewal that has helped to shape the process and create a streamlined and efficient trading platform.”