Press Releases
Sword Insurance Media Coverage
AgencyPort Chosen by Aon Benfield to Launch Facultative Reinsurance Platform
AgencyPortal Toolkit Enables Rapid Deployment of Specialty Insurance Products
BOSTON, MA – January 28, 2010 – AgencyPort (a Sword Group company), the leading provider of web-based solutions to the property and casualty insurance industry, announces the successful implementation of the award-winning AgencyPortal application platform by Aon Benfield, the world’s premier reinsurance intermediary and capital advisor. Aon Benfield’s proprietary platform, FAConnectSM, is a groundbreaking web portal for the placement of high volume, low- to medium-revenue facultative transactions. The platform allows Aon Benfield clients to quote and bind their unique facultative risks in less than five minutes through a straightforward user interface.
AgencyPort is the market leader in providing highly configurable, easy-to-use and rapid to deploy transactional portals for the property & casualty insurance industry, and adds Aon Benfield to its growing customer base.
While FAConnect leverages functionality from other AgencyPortal implementations such as quoting and binding for single or multiple placements, first notice of loss reporting, management reporting and bordereaux processing, AgencyPortal was extended to handle pre-negotiated facilities between ceding insurance companies and their chosen reinsurance markets and to do so for lines of insurance not before implemented by AgencyPort. “The launch of FAConnect in mere months is a testament to the application variability and product maturity of AgencyPortal and its Toolkit architecture,” said Steve Hauck, President of AgencyPort. “Aon Benfield is breaking new ground in serving the reinsurance market, utilizing our market leading application framework for deploying transactional portals. Through innovative product development, AgencyPort continues to be the provider of choice and to enable players in the P&C market to differentiate themselves in their markets.”
Dawnmarie Black, Head of Global Products for Aon Benfield Fac, said “Since announcing FAConnect in September 2009 and having spent several months testing the platform with clients, Aon Benfield Fac has already received extensive interest in the marketplace. With a range of facilities on offer from the world’s leading reinsurance markets, FAConnect has hit the ground running and has immediately assisted clients in managing their own facultative programs. This is another terrific example of the way Aon Benfield is redefining innovation.”
About Sword Insurance
Sword Insurance, a Sword Group division, delivers software solutions that help companies around the world sell their products and service their clients throughout the customer lifecycle. We are the first to offer the unique combination of policy administration, CRM and distribution technologies along with robust business intelligence tools—a powerful mix that makes the complex business of insurance easier and smarter, and helps our customers seize opportunities and gain a competitive edge quickly.
About Aon Benfield
As the industry leader in treaty, facultative and capital markets, Aon Benfield is redefining the role of the reinsurance intermediary and capital advisor. Through our unmatched talent and industry-leading proprietary tools and products, we help our clients to redefine themselves and their success. Aon Benfield offers unbiased capital advice and customized access to more reinsurance and capital markets than anyone else. As a trusted advocate, we provide local reach to the world’s markets, an unparalleled investment in innovative analytics, including catastrophe management, actuarial, and rating agency advisory, and the right professionals to advise clients in making the optimal capital choice for their business. With an international network of more than 4,000 professionals in 50 countries, our worldwide client base is able to access the broadest portfolio of integrated capital solutions and services. Learn more at www.aonbenfield.com.
About Aon Benfield Fac
Aon Benfield Fac, the world’s largest facultative broker, is making facultative reinsurance accessible, efficient and strategic, enabling clients to grow their business without exposing underwriting results to excessive volatility from individual policy coverage. Our global reach extends to 42 offices and more than 550 employees, placing of premium annually through 17 marketing and processing hubs. We help clients reduce reinsurance premium spend while maintaining or improving their level of reinsurance protection/cost of capital, and free up capacity in order to write additional business and pursue growth opportunities.