Aon UK said today it will achieve full electronic trading capability this year for its specialist insurance and reinsurance businesses.

In a phased approach, Aon will begin to transition its portfolio of specialist insurance and reinsurance business from physical to electronic distribution in July this year, the company said in a statement.

“The implications for insurers and reinsurers are far reaching,” the company said.

Aon UK will be able to receive electronic notification of the incoming offers, agreed quotes and signed lines directly into their underwriting systems.

“This will provide greater transparency and certainty around the contract, remove much of the re-keying associated with the current process and also significantly reduce the possible degradation of information provided to underwriters,” the company said.

Aon said it developed its own technologies for preparing the electronic submission and will distribute risks from its Concert/Aon Broking Connections (ABC) platform using internationally compliant ACORD messaging.

“We have made significant progress developing agreed standards with the G6 group of underwriters and are now in a position to optimize the use of these standards,” said Ian Summers, director of change strategy at Aon. “Aon's technology can talk either direct to insurers or reinsurers or via a service provider of their choice, all to the benefit of our clients.”

The company said it is working with a number of hub providers and, in the case of the Ri3k electronic marketplace, has simplified the interface and agreed to a substantially reduced pricing tariff for underwriters to reflect the increased volumes Aon believes this will generate.

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