Just months after its launch last January, the Market Wordings Data Base (MWD) has begun to fulfill its role in unifying and modernizing the London insurance market. MWD provides a database with more than 8,000 entries containing policy forms, market wordings and clauses,” and is continually growing to keep pace with the changes in the insurance documentation,” said a Lloyd’s press release.
The initiative forms part of the ongoing consolidation of the Lloyd’s market with the International Underwriting Association (IUA) which is being coordinated by the IUA-Lloyd’s Forum. The principle initiatives agreed on so far were published earlier this month and stressed the need for modernization. “We believe it is imperative that the London market dismantles the ‘Victorian pipework’ it uses for the processing of premiums, documentation and claims, and moves rapidly towards the latest generation of business-to-business trading systems,” the report said.
Mike Hannan, chief executive of the London Processing Centre, noted that MWD was one of the first joint projects between the LPC and Lloyd’s, and that it would become “an important foundation for change coming from the recommendations of the IUA-Lloyd’s Forum.”
“The service is an essential tool for all London market practitioners, as well as for overseas organisations with an interest in London market activities, and can be used for both reference and for the production of insuring documentation at all stages in the business cycle. The MWD sevice aims to provide up to date information to the desktop,” the announcement said.
The MWD web site is : www.marketwordingsdatabase.com .
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