Dec 12, 2008
For immediate release
Aon Consulting paves the way in Straight Through Processing
Encourages other TPAs to follow suit in order to help bring an end to service mediocrity in pensions administration.
LONDON, 12 December 2008 – Aon Consulting, one of the UK’s leading pension, benefit and HR firms, is the first Third Party Administrator (TPA) to adopt Idea Group’s Gateway product, which has been specifically developed to allow administrators to implement ViaNova, the industry standard in Straight Through Processing (STP). Aon Consulting stressed that other TPA’s must follow suit in adopting ViaNova as an industry standard, in order to achieve wide adoption of STP and to maximize the benefits it can bring to the industry.
STP allows the electronic exchange of information between TPA’s and Investment Managers without human intervention, in order to more effectively and efficiently manage investment transaction requests, prices and confirmations.
Philip Dickinson, Pensions Systems Director, Pensions Administration of Aon Consulting commented: “In an increasingly competitive marketplace, administrators will try to outdo each other against a variety of criteria, however STP should not be one of them. STP benefits the industry as a whole and we encourage others to follow suit and implement solutions such as Idea Group’s Gateway. We believe that it is vital that all TPA’s adopt the ViaNova standard to ensure a clear, consistent and cost-effective approach to STP.
“The introduction of STP represents a defining moment for the pensions industry and the benefits are clear. By processing investment transactions more accurately and quickly, STP will help us to drive down costs and operational risk, but will also enhance the service received by members.
“In other financial services areas there is an expectation of an immediate response – pensions should be no different. Improved automation through STP represents a key starting point in improving response times to members.
“We can either continue with business as usual and simply move the goalposts for our clients and members, or we can offer the levels of control and service that the Regulator, clients and members demand. STP is rapidly becoming a benchmark for TPA’s, with many businesses rightly expecting a demonstrable capability in this area.
Speaking about Aon’s adoption of STP through their Gateway product, Ian Lyall, Managing Director of Idea Group said: "We are delighted to be partnering with Aon and to support their adoption of ViaNova. Given our expertise in this area, we are able to offer Aon a solution that will be guaranteed to meet the changing requirements of the ViaNova standard as it evolves and will allow Aon to deliver significant benefits to their clients.”
About Aon Consulting
Aon Consulting Worldwide is among the top global human capital consulting firms, with 2007 revenues of US$1.352 billion and more than 6,000 professionals in 117 offices worldwide. Aon Consulting is shaping the workplace of the future through benefits, talent management and rewards strategies and solutions. Aon Consulting was named the best employee benefit consulting firm by the readers of Business Insurance magazine in 2006, 2007 and 2008. For more information on Aon, please visit http://aon.mediaroom.com.
Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its 36,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Our industry-leading global resources, technical expertise and industry knowledge are delivered locally through more than 500 offices in more than 120 countries. Aon was named the world's best broker by Euromoney magazine's 2008 Insurance Survey. In 2008, Aon ranked highest on the Business Insurance ranking of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues. Aon also was ranked by A.M. Best as the number one insurance broker based on brokerage revenues in 2007 and 2008, and was voted best insurance intermediary, best reinsurance intermediary, and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. Sign up to receive Aon news alerts by email or RSS feed at: http://aon.mediaroom.com/index.php?s=58.
Safe Harbour Statement: http://aon.mediaroom.com/index.php?s=67
Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only.
If you elect to comment or engage with our content via third-party social media websites, you authorize Aon to have access to certain social media profile information. Please click here to learn more about information that may be collected when using these tools on Aon.com