The London Market Group (LMG), which introduced a platform for the electronic support for endorsements in April, noted that the program has gotten off to a “resounding start;” so good in fact that it’s introducing three new classes of business.
The LMG said it plans to use the new process “for endorsements in property, professional indemnity and specie, each championed by an insurer-broker partnership. The new classes extend electronic processing beyond the marine classes where it is already embedded as business as usual following last year’s pilot.”
In addition the organization pointed out that “brokers representing over 80 percent of market business are signed up to submit endorsements electronically and all Lloyd’s managing agents and a number of IUA [International Underwriting Association] company members were ready to accept ACORD data messages via the Exchange for these new classes by 1 July. More firms are on track to get involved over the coming months ahead of roll-out across all classes of business by the end of Q1 2012.”
Matthew Shaw, Divisional President of ACE Global Markets, a participant in one of the broker-insurer partnerships, explained: “We are partnering with Willis to drive adoption in Specie and we are already seeing 70 percent of Specie endorsements between Willis and ACE submitted and agreed electronically.
“This is the next important step forward for the eEndorsements initiative and ACE is pleased to be at the forefront of the drive towards all classes going live in 2012”.
John Muir, who heads Willis’ London Market Contracts, added: “We are focussing on Specie business and have already received back more than 100 agreed Specie endorsements via the Exchange this month. From the insurer side, this actually represents more than 200 separate agreements.
“We believe that real momentum is building and will be pressing ahead with PI and Property as well as Bloodstock and Livestock over the next few months. The time has arrived for everyone to get on with this initiative because there are no reasons not to do so.”
David Ibeson, Chairman of the market’s Placing Support Steering Group and CEO, Catlin UK and Catlin Syndicate, described the plans to roll out new products as providing “valuable clarity for firms and enables them to undertake the changes necessary to extend the use of electronic processes beyond the marine classes.”
He also pointed out that “all classes will go live in 2012 and firms can now develop their technology and complete their change management confident that this will be an investment for the future.”
Source: The London Market Group
Topics London
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