Lloyd’s announced that Jardine Lloyd Thompson (JLT) has become the fourth major broker and 21st business to back Kinnect, its electronic data processing platform, designed to eventually do away with the paper-based system, which most Lloyd’s brokers and underwriters still use to transact business.
“JLT, the UK’s third largest broker, has pledged its support for the platform which also has the backing of underwriters representing more than 60 per cent of capacity at Lloyd’s,” said the bulletin.
JLT’s COO Dominic Burke commented: “JLT is pleased to put its full support behind Kinnect. The Kinnect platform will not only bring significant benefits to our business, but just as importantly will help the continued drive for greater efficiency within the London market.”
Kinnect Chief Executive Toby Davies noted: “JLT is a major player in the Lloyd’s market and their support demonstrates once again that Kinnect is the platform of choice for businesses as they look to find a solution to the problems of connectivity and lack of efficiency that have dogged the market for too long. Kinnect’s role in reforming the market is clear – delivering greater efficiency, security and speed in insurance transactions. Working with the 21 businesses backing us, we continue to make excellent progress towards that goal.”
Despite all the pledges “backing” Kinnect, Lloyd’s still has two major problems to solve before the system can actually start reducing the paper mountain – about 4 tons a day on average. First it has to perfect Kinnect to the point that it can interface with all of the other systems used by Lloyd’s brokers and underwriters. Then it has to convince them to use it and start doing away with their paper. The ongoing problems Lloyd’s has had in developing the system will eventually be solved, if only because the U.K.’s Financial Services Administration (FSA) requires it, but it still faces an uphill battle.
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