A report in the Times of London indicates that the joint Lloyd’s/ IUA (International Underwriting Association) Forum, set up last year to explore ways of harmonizing procedures between the two groups and making the London market more efficient and attractive, has selected a prominent technology group as a partner in a joint venture which would eventually handle all policy processing.
The Forum has been exploring ways of merging Lloyd’s Policy Signing Office and the IUA’s London Processing Centre, so that an insurance policy would be issued, processed and have claims settled by one office using the same procedures.
The as yet unidentified technology partner would provide capital investment, commercial management and up-to-date systems, and would operate as a profit-making organization. According to the Times, Lloyd’s hopes to establish the firm by early next year, but no timetable was given as to when it might become operational.
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