Aon Financial Services Launches Online Submissions.DENVER--(BUSINESS WIRE)--Sept. 17, 1997--Aon Risk Services' unit Aon Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Group, Inc. (FSG See Linux Foundation. ), announces online submissions offering clients and markets faster, more efficient access to information and coverages. Submission information -- traditionally provided in paper format -- is delivered electronically via an "extranet," or secure network, extended solely to selected underwriters. FSG specializes in liability and specialty coverages, including directors and officers, professional liability and employment practices liability. "As the broker, our job is to represent our client to the underwriter clearly and accurately," said Michael D. Rice, Jr., FSG senior vice president, who has been actively involved in developing the electronic submission site for FSG. "Using Aon's submission site, underwriters are now linked to timely and necessary financial information regarding the client. This compares to the paper collection process where information can be 30 or 60 days old." It is a big step forward toward a less paper-intensive environment that will lower transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). for underwriters and Aon clients. For each submission under the new program, FSG will use a client-specific Internet address and password so that the identified underwriter can gain access to the site. The site uses the highest level of encryption available, similar to what is used by the banking industry for electronic payments. The site was developed by AonLine, a unit of Aon Group, Inc., that designs and implements Internet-based applications for electronic commerce solutions. Aon Risk Services is the retail brokerage arm of Aon Group, Inc., a premier global commercial insurance brokerage and consulting organization serving clients through 550 offices in more than 100 countries around the world. Aon Group is a subsidiary of Aon Corporation (NYSE NYSE See: New York Stock Exchange : AOC AOC, n an acronym for the Aromatherapy Organizations Council. ), an insurance holding company listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago and London stock exchanges London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . CONTACT: Aon Financial Services Group, Chicago John Peterson, 312/701-4057 E-mail: john_peterson@ars.aon.com. |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion