Lloyd’s has announced that all of its “managing agents writing subscription business who would use the new Electronic Claims File [ECF] initiative have agreed to the rules governing the system.”
Lloyd’s called the agreement “a significant step forward for achieving the market’s aim for all claims to be handled electronically by the end of 2007, Lloyd’s firms have backed the Insurers’ Market Repository – an electronic filing cabinet that enables claims and premium-related documents to be sent electronically.”
What has long been a dream may become a reality next year, as the repository “will make the market a more efficient and cost-effective place to do business, and over time will help to see an end to the huge piles of paper carried around the Underwriting Room.”
Lloyd’s CEO Richard Ward commented: “Delivering a first-class service remains a key priority for Lloyd’s, and using the right technology is a vital part of that. We have made good progress in the past year, and are delighted that Lloyd’s firms have taken this significant step towards greater efficiency. Market reform is not just an industry slogan, it is a reality, and today’s news shows just how committed to it the Lloyd’s market is.”
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