London company market backs central placing process
Written by staff reporter
The London company market has backed plans for a new electronic placement service. The board of the International Underwriting Association (IUA) unanimously supports the concept and ten Board members have signed a statement of support for the project which aims to improve client service through a quicker process with less risk of error.
Malcolm Newman, CEO of SCOR’s Paris/London Hub and Chairman of the IUA Board stated: “The introduction of a single platform to facilitate electronic support for placing is a key part of the drive to make London an easier place to do business and encourage more overseas clients to our market.
“There is widespread support for this initiative, not just across the company sector, but also within Lloyd’s and the broking community. We know that the technology is available to achieve our goal and the best chance of success will be provided by everyone uniting around a common infrastructure.”
The IUA’s agreement to support a contract with the technology firm Ebix to develop a placing platform also includes a commitment to fund a one third share of the costs for this work in 2016. The project is being governed by Placing Platform Limited (PPL), a body established jointly by the IUA, Lloyd’s Market Association and London & International Insurance Brokers' Association.
Extensive consultation is taking place across the market, with company representatives providing feedback to assist implementation of the technology. The roll out for the new placing system is planned during the first quarter of 2016, focussing initially on a single class of business. The service will then be progressively extended to include all business classes.