Fac Quotes and Binding
Many insurance companies have traditionally found small to middle-market or facility-type facultative business to be inefficient, time consuming and costly. Now more than ever, carriers are looking to grow their business without exposing underwriting results to excessive volatility from
individual policy coverages.
As the world's leading facultative broker, Aon Benfield Fac empowers facultative reinsurance by providing alternative coverage options to help clients accomplish these objectives.
Delivering the Broker Marketplace to Your Desktop
FAConnect® is Aon Benfield’s innovative web portal that enables our clients to easily and efficiently submit risk placements and complete facultative business transactions. By delivering the broker marketplace to your desktop, you will benefit from easy access, choice, flexibility, and
reduction of execution risk.
FAConnect provides a secure environment for ceding company underwriters, brokers, and reinsurance underwriters to interact online. Ceding company underwriters can submit, quote, and bind individual accounts as part of pre-negotiated facilities. Reinsurance underwriters can review
accounts, access bordereaux, and manage reports for all such facilities.
Best of all, FAConnect is available to Aon Benfield clients and markets at no cost.
Unique Features of FAConnect
Customized Landing Page
- Reports relevant to each user’s contracts
- Links to add single risks and upload multiple risks
- Access to risk details and corresponding status and premium through
“My Work” tab
- “Help” link to reference training materials or contact FAConnect support
Reports and Monitoring
Endorsements and Transaction History
- When a risk is bound, a Policy Summary page detailing coverage, limits, and premium information is generated
- Facilities are configured to trigger underwriting rules, and report overall activity and production
- Premium bordereaux and interactive graphs such as work item status and cumulative premium bound are available
- All data can be extracted for additional analysis with Excel
- Work item endorsements are simple to process and include cancellation transactions
- All actions are date stamped and changes are recorded, allowing for a clear audit trail
- Those accounts that trigger an exception to the pre-negotiated terms of a facility can be referred, quoted, and bound with an automatically generated referral to the reinsurance underwriter; clients will receive emails advising of status changes.