Aon looks to industry standard for claims documentation
Broker Aon marked a step towards an industry standard for integrated claims documentation last week with the news that 28 insurers and reinsurers from the London, European, Bermudian and North American insurance markets had signed up for the Aon Document Exchange to electronically access claims documentation.
The Exchange, which has been operational since January 2004, uses a web browser to enable underwriters and third parties to share 24-hour access to claims management documentation.
To date, over 68,000 documents have been loaded onto the system, Aon said.
Commenting on the Exchange, Aon chairman and CEO Dennis Mahoney said: "The number of insurers and reinsurers using the Aon Document Exchange is growing at the rate of two a week with users from around the world now able to electronically access claims documentation 24 hours a day. Ultimately, the Aon Document Exchange will handle documentation relating to the entire insurance and reinsurance process from the placement of risks, to policy production and the payment of premiums and claims.
"The growing use of electronic document repositories can only be good news for our clients who will benefit from a much quicker and more efficient service," Mahoney added.
Peter Rowe, senior claims manager of one of users of the Exchange, Aspen Re, commented: "There has been a great deal of discussion about the role of technology in improving the service that the insurance industry delivers to its customers. Document repositories are at the vanguard of this technology initiative and we are firmly behind their growing use in reducing operational costs and improving current response times within the insurance and reinsurance business."
Aon is currently participating in ACORD interoperability initiatives to ensure that the repository meets the requirements of the agreed industry-wide standards.