The London Market Group (LMG) has announced that the electronic endorsements pilot is “moving into the next phase.”
The LMG said “100 percent of Managing Agents, all of which are connecting via the Exchange, 26 Company Market insurers and 15 brokers, including Aon, Marsh and Willis are committed to the initiative.”
It described the changeover as moving the focus “from technical readiness to firms testing with their trading partners and familiarizing ‘front line’ practitioners with the process. From the 1st September, it is expected that participating firms will be fully live with all direct marine hull, cargo, liability and war endorsements processed electronically using ACORD standard messages.”
LMG’s Chairman, Barnabas Hurst-Bannister,* called the move a “milestone,” and expressed his satisfaction that the “pilot is going ahead as planned.” He also pointed to the “unprecedented commitment from across the market to this work, and a huge amount of work both within those firms and by the central project team,” which had made progress towards a fully electronic exchange possible.
“We now have all managing agents, over 80 percent of the broker market by volume and 60 percent of IUA members engaged and clear plans for the next phase,” he continued. “This will prepare the way for full live usage from September 1st.”
Hurst-Bannister concluded: “We have, as a market, embraced significant changes over recent years. These are now delivering substantial, tangible benefit. Electronic claims are processed, on average, more than twice as quickly as their paper equivalent. Use of the Insurers’ Market Repository has taken two days off the average time taken to settle accounts. Now is the time to spread this happy phenomenon across the rest of our transaction. The endorsements pilot is the logical next step in ensuring that happens.”
More information on the endorsements pilot, including those firms that are taking part, is available via the LMG website – www.londonmarketgroup.co.uk.
*Hurst-Bannister was also recently chosen to head the Lloyd’s Market Association (LMA) – See IJ web site: https://www.insurancejournal.com/news/international/2010/05/28/110255.htm
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