Lloyd’s Creates Action Team to Monitor LMP Slips

Lloyd’s announced that it has set up a special team of LMP (London Market Principles) slip auditors.

“The team will work with businesses across the market to help them meet the 95 percent compliance target by the end of the year,” said the announcement. “The team will check over a quarter of all slips placed, identifying common problems and errors in the completion of slips and offering feedback and advice to individual managing agencies and brokers to help improve their quality.”

Commenting on the team’s formation, Iain Saville, Head of Business Process Reform, stated: “Our commitment to tackle the issue of business process reform is unrelenting. The market has four months left to raise the level of slip compliance to our target of 95 percent from the current 83 percent mark. The new team will provide participants with timely information and advice to help them achieve this goal.”

Slips will be checked earlier in the placing cycle – within a few days after the lead underwriter has accepted the risk. This approach, together with the greater number of slips being checked will enable the team to provide instant feedback to managing agents and brokers and a faster flow of information to market organizations.

Lloyd’s will put the team in place immediately and plans to run the checking process until the end of the year. During that the period they will check in excess of 9000 slips representing around a quarter of all slips placed over that time.