Aon is to launch a Virtual Reinsurance Renewal platform which will aim to aid the ability for the industry to communicate in the run up to the 1 January renewals despite the restrictions around face to face meetings.
As it announced the launch of the system, that will go live on 7 September, the broker also called for the re/insurance industry to collaborate to bring capital closer to clients’ needs and drive growth across the global insurance ecosystem.
Andy Marcell, CEO of Aon’s Reinsurance Solutions business, said: “In an uncertain global economy, one thing is clear – reinsurance has never been more important as a strategic tool for client success. We are committed to collaborating with insurers and markets towards the 1 January renewals to help clients protect people and assets, strengthen their balance sheets and make better business decisions that reduce volatility.”
It comes as the major global conferences which normally herald the reinsurance renewals have been cancelled. The Monte Carlo Rendezvous, the International Union of Marine Insurance annual conference, the Singapore international Reinsurance Conference, and the Baden Baden meeting have all been cancelled this year denying the opportunities for insurers, reinsurers and brokers to meet fac to face with clients across the world.
The broker said while many of its insurer clients will continue to interact with broking, analytics and claims teams through virtual meetings, Aon’s Virtual Reinsurance Renewal Season platform aims to capture the conference experience.
As such the platform looks to provide a stream of insights on the dynamics of the markets and updates on how the COVID-19 pandemic was impacting and influencing the thinking of underwriters and clients.
It will seek to examine innovative solutions to new risks and provide a broader range of information.
Throughout September and October, the platform will also host a range of “fireside” chats with leading figures in the market. Aon said the series will discuss the challenges and opportunities facing major re/insurers and insurance buyers, sharing both perspectives.
Those who will participate will Lloyd’s CEO John Neal, former Danish Prime Minister Helle Thorning-Schmidt, Swiss Re CEO, Moses Ojeisekhoba, and AXA CEO Thomas Buberl. The industry figures will discuss the issues with a number of Aon’s senior executives including CEO Greg Case (pic).
Mr Marcell added: “The goal of the fireside chats is to drive growth across the re/insurance industry in order to bring capital closer to clients’ needs and enable them to flourish in a stronger economy.”