The International Underwriting Association
, Lloyd's and the Lloyd's Insurance Brokers' Committee have unveiled a jointly agreed program to reform business processes in the London insurance market
More than 350 organizations that form the market - insurance and reinsurance companies, Lloyd's syndicates and brokers - will now be asked to sign up to a document indicating support for the principles of the program.
The report, London Market Principles 2001 (LMP2001), is based on a consultation document published in May, amended to accommodate the extensive feedback received. Ownership of the reforms extends widely across the market, with the common aim to improve customer service, speed up the way the market operates, and create long-term cost savings.
LIBC chairman Simon Harrap said brokers welcomed the changes. "Our customers still want to use London, but they are put off by our out of date working practices. I am confident this reform package will give us the necessary impetus to remain a world class center." The IUA-Lloyd's Forum was set up in July 1999 with the remit to make London more attractive internationally, and was soon joined by the broking community. In May a Forum working party produced a discussion document setting out radical reforms to business processes, which was followed by consultation over the summer. Several hundred formal and informal responses were considered, and several market meetings were held to explain the reforms and obtain feedback.
The following organizations have already signed LMP2001:
Aon Group Ltd
B F Caudle
Beazley Furlonge Ltd
Benfield Greig Ltd
Catlin Underwriting Agencies Ltd
DP Mann Ltd
GE Frankona Reinsurance Ltd
Hiscox Syndicates Ltd
Jardine Lloyd Thompson
Norman Butcher & Jones Group Ltd
RJ Kiln & Co Ltd
Wellington Underwriting Agencies Ltd.