The London Market Group (LMG) announced that the electronic endorsements initiative will extend to all classes of business as of today, the 5th of March. The extension of the services pilot program to all classes comes less than a year after it was first introduced.
It “marks a substantial move forward in the modernization of the London market,” said the LMG bulletin, and means that brokers can now send “all endorsements in every class electronically, and all insurers will be able to respond to them.”
The endorsements initiative is part of a program of improvements, led by the LMG, a market-wide body made up of the CEOs of market participants, CEOs of the trade associations and representatives of Lloyds. Its main aim is to deliver improved customer service and maintain London’s position in the global industry.
“We have already seen how moving to this new, technology-enabled, method of processing endorsements can deliver significant benefit to both brokers and insurers,” explained Rob Gillies, Head of Market Processes at the LMA [Lloyds Market Association] and the market-wide program manager for the initiative. “The full roll out takes us a step closer to this becoming the ‘business as usual’ approach across the market.”
Electronic endorsements are facilitated by use of The Exchange providing market firms with a single connection point from which they can send and receive information securely to one common standard.
The announcement noted that the “decision to rollout the initiative to all classes comes after a successful pilot in marine classes and implementation in property, specie and professional indemnity.
“All Lloyd’s managing agents are signed up to the rollout along with 16 of the top 20 brokers. Some 24 International Underwriting Association companies are involved and a further 12 have plans in place to join. Each firm has a project manager to advise and provide training on the new approach.”
The LMG program is focused on identifying areas where improvements can be made to maintain and enhance London’s position in the international insurance market. Previous successful implementations include contract certainty and the Electronic Claims File.
Source: Lloyds and London Market Group
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