Aon UK is set to change its portfolio of specialist insurance and reinsurance business from physical to electronic distribution next month.
It will become the first broker to make the London market e-commerce vision a reality. This means that in the near future all contracts and endorsements distributed by Aon in London can be signed online, not on paper.
Insurers and reinsurers will be able to receive electronic notification of the incoming offers, agreed quotes and signed lines directly into their underwriting systems.
Aon has 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.
Ian Summers, director of change strategy at Aon, said: "We have made significant progress developing agreed standards with the G6 group of underwriters and are now in a position to optimise the use of these standards."
A London market source said: "This is the moment the market has been waiting 20 years for. It is the most significant event in the entire IT spectrum. It will have a major effect on the industry."