Further important advances will be made in efforts to reform business processes in the London insurance market during this year's renewals season, according to the International Underwriting Association (IUA).
A number of projects within the London Market Principles (LMP) reform program will be reaching new stages of development in the coming months, making 1.1.04 renewals another potential landmark for modernization.
Work is now under way on an implementation outline for proposals to improve the speed and efficiency of accounting processes. The plans promise faster processing of premiums and claims and much improved customer service. A report by the LMP Accounting and Settlement Steering Group has also estimated that implementation of the changes could deliver cost savings of more than $79.5M a year.
Another important feature of the reform program expected to be prominent during the forthcoming renewals is an increased use of the new recommended LMP placement slip. Those new slips that are used should also be of better quality, containing more comprehensive information.
Last year's renewals showed more than 50 percent of business that began in London was completed using the LMP slip and by April 1 this figure had climbed to 70 percent.