With so much focus on expected new regulation for the industry and continual press coverage on the banking crisis and recriminations, I thought it appropriate to remind everyone how much progress London has made in reforming its processes and the plans ahead. There is much to be positive about, because London is “streets ahead” of other markets in process change and use of technology. Some people dispute this – I disagree – as a market place comprised of at least 100 underwriting entities and the same number of brokers, London is the foremost insurance market, incredibly diverse, highly talented and with a blended culture of intense competition and community spirit. With all this in mind and admittedly after a slow start, we now have a culture which is very accepting of change and marching forward at a pace admired by other markets.
Concepts such as contract certainty, ACORD standards, electronic claims files which are readily accepted in London are all being considered by other markets.
So how does this progress translate into tangible numbers?
Over 90% of new in-scope claims to the market are handled electronically for Lloyd’s, company market is approaching 60%. Over 90% of premium accounting entries are delivered electronically over the market repository. 250 market firms have signed the IMR Agreement to use the repository. Over 50% of all policies are now delivered to the client electronically.
Looking ahead, our targets focus on finishing what we’ve started. This means, for example, increasing the scope of ECF and achieving full usage and moves to full electronic accounting ie the exchange of structured data messages for settlement purposes. Achieving full usage of electronic means for all parts of the insurance process is the goal and we are well on the way to its achievement.
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