As one reflects on what 2009 has in store, this week contains association activities with 2 great institutions of the City. On Monday the IUA Board had lunch with Ian Luder, the current Lord Mayor of London at Mansion House and tomorrow sees the launch of a Lloyd’s Exchange facility within which IUA is heavily involved.
Last year I observed how splendid it is to be in Mansion House, and with new Board members present at this year’s lunch, the same expressions of amazement were forthcoming. The Lord Mayor’s theme this year is to enhance the City’s financial literacy. A worthy aim given the events of recent months and certainly complementary to our latest initiatives which we are running this year in claims, marine and actuarial areas.
The Lloyd’s Exchange is somewhat misnamed, it is more like a market messaging hub with brokers and underwriters communicating with each other via ACORD standard messages to initiate a risk placement.
The concept is deliberately simple to aid market-wide adoption. Lloyd’s is to be commended for its leadership as this facility should be a major catalyst for the next stage of market reform. Lloyd’s has also recognised that to be successful the Exchange must be a market initiative. IUA is delighted to be involved and has 7 of its member companies engaging in the pilot and will participate in the overall governance.
2009 will be an interesting year with the implementation of technology and cultural change very much on the agenda for the benefit of the market and its clients.
