London – January 2007
The Market Reform Group (MRG) has produced its plan for continuing to reform London market processes throughout 2007 and beyond.
This builds on the successes of 2006 – improved contract certainty; the first electronic claims using the Insurers’ Market Repository; and the start of electronic accounting and settlement.
Following full consultation with market firms, the plan sets out the MRG’s long-term vision and key priorities for this year to make the market’s processes more efficient and cost-effective, improving customer service.
It outlines the MRG’s vision for a much greater focus on electronic trading in the London market, aiming for all risk submissions, claims and accounting and settlement to be handled electronically within three years.
Top priorities for market firms in 2007 are:
continuing to embed contract certainty into day-to-day processes as a matter of course, while substantially reducing the number of Legacy policies in the market – contracts where appropriate evidence of cover has not been issued;
increasing use of the Insurers’ Market Repository, so that all new claims and the majority of accounting and settlement submissions are processed electronically by the end of the year; and
further adoption of standards and measurement within the market.
MRG Chairman Dane Douetil said: “The market made excellent progress in 2006 and change became a reality, but there is still much to do to ensure that the industry provides the very best service to customers. We want to become the market of choice.
“Our roadmap for reform sets out very clearly how we intend to build on the successes so far and win more business for London, by continuing to make the market more efficient, cost-effective and competitive.”
Click here to view the plan: Market Reform Laminate 2007l.pdf
The plan is also available at www.marketreform.co.uk.
Lloyds, January 2007