Lloyd’s and the London Market Insurance Brokers’ Committee (LMBC) announced that they have jointly established
a new benchmarking program for the London Insurance Market.
The program will allow insurers and brokers to understand how their performance compares with others across a broad range of measures, and is also aimed at increasing the market’s transparency as part of the ongoing modernization of the London insurance market.
The London Market Standards Committee (LMSC), a new joint committee of Lloyd’s and the LMBC, will oversee the program, which will be managed by REL Consultancy Group for an initial period of two years. The LMSC’s purpose is “to champion service excellence and best practice in the London Market, thereby increasing the attractiveness of bringing business to London,” said the bulletin.
For the first time risk managers, producing brokers and other originating sources worldwide, will be able to judge from objective data the overall efficiency of the market in handling differing classes of business at the time of placing and in dealing with claims.
London brokers and risk carriers will be able to understand how their own individual performance in key service measures compares with market averages.
Peter Wolf, REL Director for Financial Services, who will lead the benchmarking team, stated that, “We are delighted to have been appointed by Lloyd’s and the LMBC to undertake this major benchmarking initiative. Getting an objective measure of actual performance is a crucial step towards understanding how to improve. This benchmarking is a major advance in the programme to transform the efficiency of the London market.”
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