London insurance market has united to take advantage of developments in ecommerce in a bid to improve efficiency and keep the capital at the heart of the industry.
The two sides of the city's insurance market, Lloyds of London and the International Underwriting Association of London (IUA), have established a top level forum to bring about radical changes in business processes to reduce costs and keep pace with the demands of customers.
Working closely with the share broking industry, the forum will look at how ecommerce can streamline the current complex processes to offer benefits to customers, intermediaries and underwriters while ensuring London retains its position in the insurance marketplace.
Lloyd's chairman Max Taylor and IUA chairman Tim Carroll said in a joint statement: "The market is now more cohesive than ever before, and we have the opportunity to work together to make London faster, more cost effective and user friendly. Better use of ecommerce will make it easier for us to do business with the rest of the world."
The forum will meet on a monthly basis and will concentrate mainly on how to use ecommerce to make the issuing of policies and the payment of claims much speedier. To improve service performance, the forum will publish statistics showing the performance of brokers, underwriters and central services.
Also on the agenda is supporting new initiatives to improve access for brokers to the London market and to encourage the adoption of international processing standards.
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