Aon urges London market to e-trade during Covid-19

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Online capabilities play a vital role at this point in time due to many businesses having to work from home

Aon is urging Lloyd’s of London and the International Underwriting Association (IUA) markets to electronically bind treaty placements from 1 April 2020 renewals, during the Covid-19 pandemic and onwards.

The broker has enhanced its trading portal – ABConnect Placements, and the new bind feature enables Lloyd’s and IUA markets to do this without the need for face-to-face meetings.

Aon is also communicating this enhancement to over 10,000 individuals at reinsurance companies, this will also include instructions for Lloyd’s and IUA’s underwriters so they are ready to use the bind feature to accept the terms and generate a final bound slip, complete with the required stamp and other details.

Critical method

Andy Marcell, chief executive at Aon’s Reinsurance Solutions business, said: “With the global outbreak of Covid-19, electronic and online capabilities play an even more vital role in reinsurance transactions as we adapt the way we operate to support remote working.

“Not only is ABConnect Placements an important part of Aon’s overall digital strategy, it has very suddenly become a critical method to place treaty business as we continue to best serve our insurer clients. It leverages our global sales technology and gives reinsurers a single platform to remotely access all treaty placements – traditional or via auction.”

Meanwhile Nick Frankland, UK chief executive at Aon’s Reinsurance Solutions business, added: “This is another breakthrough in the modernization of the London market. We are excited to lead advancements in digital innovation and support the Lloyd’s Blueprint.

“With in-person meetings not currently possible, we look forward to collaborating with all our reinsurer trading partners electronically via ABConnect Placements so we can collectively support and transform the marketplace in which we operate.”