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Aon Launches Electronic Messaging Platform

 

London – 14 December 2004 – Aon Limited has today officially launched Aon Broking Connections, its new electronic messaging platform, which is revolutionising business in the London and global insurance markets. Insurers already using Aon Broking Connections include Alea, Swiss Re, GE Insurance Solutions and Scor.

Aon Broking Connections, which is being used within Aon Limited’s Specialty and Reinsurance divisions, will enable faster processing of policies and risks, reduced time lags, shorter administration cycles, increased contract certainty and a much higher degree of transparency to the whole insurance process.

Commenting on the launch, Dennis Mahoney, Chairman and Chief Executive Officer, Aon Limited, said: “In his speech to a New York symposium yesterday on the general insurance market in the UK, John Tiner, Chief Executive of the Financial Services Authority, focused particularly on the historic under investment in technology and the lack of contract certainty. Views which I absolutely endorse. Indeed, the inefficient processes that have characterised the London market have long been responsible for unacceptable time delays in the collection of premiums, the issuing of policies and the payment of claims.

“Aon Broking Connections, together with Aon’s new insurance documentation system for contract certainty at placement, tackles these issues head on. Technology has an absolutely fundamental role to play in cutting out inefficiencies while bringing a high degree of transparency and contract certainty to the insurance process. Ultimately it is about how we deliver the best insurance product to our clients in the most efficient way,” concluded Mahoney.

Anne Boden, Chief Information Officer, Aon Limited, added: “Electronic messaging platforms have not won sufficient support in the past because they have relied on the majority of the insurance industry being on board from the outset and committing fully to e-broking.  A great advantage of Aon Broking Connections is its flexibility where clients and markets can pick from a suite of e-services dealing with each stage of the insurance process. In other words, working with like-minded clients and markets, we can now change the industry at the speed of the fastest.

“The use of globally accepted ACORD standards means that Aon Broking Connections is compatible with any other system where those standards are adhered to. Importantly it also supports the current London Market Principles’ accounting and settlement project, which aims to speed up the flow of money through the market with substantial potential cost savings,” Boden said.


Notes to Editors

About Aon


Aon Limited is the UK arm of Aon Corporation.

Aon Corporation (www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. The company employs approximately 52,000 professionals in its 600 offices in more than 120 countries.  Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.

About Aon Broking Connections

Aon Broking Connections (ABC) can now deliver the fast, efficient and accurate data that today’s markets demand and the service improvements that our clients deserve. Benefits include:

  • Increased efficiency through reduced re-keying and queries
  • Improved service to clients through faster information distribution and shorter turnaround times
  • Reduction in errors and omissions exposures through audited access to complete and high quality data

Aon will connect electronically to every one of our trading partners for all aspects of the broking process. We will deliver all data for marketing, placement, contract confirmation, accounting & settlement, and claims, using either ACORD electronic messages or a web portal, according to the technical capabilities of our trading partner.

ABC services include Insurer EDI; eClaims; DocEx; and eClosings.

Insurer Electronic Data Interchange (EDI)

Uses electronic messaging (which meets ACORD standards) to directly link partners systems to Aon.  This enables us to exchange all types of data that support the insurance process, without needing to re-key.  This method is used in Insurer EDI to link Aon to its key markets for accounting and settlement.

eClaims

eClaims gives the client, broker and underwriter an all-encompassing, fully integrated claims solution. eClaims eliminates the need for paper records and re-keying of data and delivers a faster, more efficient, 24/7 claims service.

eClosings

To date underwriters have received all their closings from Aon in a printed format. This means that they are hard to track and inevitably have to be re-keyed by the underwriter. Aon has developed eClosings to get away from this legacy. Now all you need is an Internet browser and an Aon password to get fast, secure, and accurate information on all your premium and claims closings from Aon.

DocEx

DocEx (the Aon Document Exchange) is a secure, market-facing, web-based document repository, which gives our partners controlled electronic access to all relevant claims and premium related documents.

 

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results, depending on a variety of factors.  Potential factors that could impact results include the general economic conditions in different countries around the world, fluctuations in global equity and fixed income markets, exchange rates, rating agency actions, resolution of regulatory issues, including those related to compensation arrangements with underwriters, pension funding, ultimate paid claims may be different from actuarial estimates and actuarial estimates may change over time, changes in commercial property and casualty markets and commercial premium rates, the competitive environment, the actual costs of resolution of contingent liabilities and other loss contingencies, and the heightened level of potential errors and omissions liability arising from placements of complex policies and sophisticated reinsurance arrangements in an insurance market in which insurer reserves are under pressure.  Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s financial results, is contained in the Company’s filings with the Securities and Exchange Commission.

 

Aon Limited is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only.

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