Aon's U.K. unit launches system to speed processing, reduce errors.Broker and consultant Aon Ltd. has launched an electronic communications system In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. that it hopes will speed policy processing, improve administration and bolster both transparency and contract certainty. The system, known as Aon Broking Bro´king a. 1. Of or pertaining to a broker or brokers, or to brokerage. Redeem from broking pawn the blemished crown. - Shak. Connections, already is in use by several market participants within Aon's specialty and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. operations. Aon Ltd. is the U.K. subsidiary of Aon Corp. Aon said the system would reduce rekeying In cryptography, rekeying refers to the process of changing the encryption key of an ongoing communication in order to limit the amount of data encrypted with the same key. , cutting down on errors and queries. Clients will receive information more quickly. The system's ability to provide easy access to essential data, the broker said, should cut down on errors and omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. liabilities. "Aon will connect electronically to every one of our trading partners for all aspects of the broking process," the company said in a statement. Users, Aon said, would receive information on claims, marketing, contract confirmation, and accounting and settlement. Dennis Mahoney, Aon Ltd.'s chairman and chief executive officer, said better use of technology would make the London market more efficient. "Indeed," Mahoney said in a statement, "the inefficient processes that have characterized the London market have long been responsible for unacceptable time delays in the collection of premiums, the issuing of policies and the payment of claims." |
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