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Reinsurance and large commercial risk business is transacted in the London insurance market using the placing process. Today this process is largely paper based with a heavy emphasis on face to face contact between the parties engaged in the transaction.
The reasons for this are the immediacy of and access to decision making it enables, the highly customised nature of the business and the interpersonal relationships involved. However, in an ever more competitive global market it is recognised that for some categories of transaction the high costs associated with the process are no longer sustainable. To reduce its costs whilst delivering better service London needs to simplify and improve its processes and automate some aspects of the way business is placed.
The following projects have been established in the Placing area:
| Project |
Sponsor |
Project
Manager |
Timescales |
Target |
More
Info |
| Embed
Contract Certainty as business as usual |
|
|
|
Project
complete |
More |
| Substantially
reduce Legacy policies |
Sue
Langley (Lloyd's)
David Matcham (IUA) |
Andy
Barnes (Lloyd's)
John Hobbs (IUA) |
Q1-Q4 |
Reduce
mid 2006 numbers to below 20% |
More |
| Placing
document strategy/adoption of ACORD GPD |
Andy
Brookes (MRO) |
Steve Hulm (MRO) |
Q1-Q4 |
MRC
Binders & Linslips published (Q1)
MRC
(Open Market) v1.2 (minor changes) published
Q2/Q3 |
More |
| E-Placing |
David
Gittings (LMA) |
Rob
Gillies (LMA) |
Q1-Q4 |
TBD |
More |
| Endorsements
Project |
John
Muir (Willis) |
Stuart
Dean (Willis) |
Q1
- Q4 |
TBD |
More |
| Electronic
Policy Documentation rollout |
David
Hough
(LMBC)
|
Mark
Barwick
(LMBC) |
Q1
- Q4 |
80%
of bureau policies |
More |
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Contract Certainty
Legacy
Market Reform Contract
Electronic
Placing project
Endorsement standardisation pilot
Endorsements project
Electronic
Policies
Placing Process Maps
Placing
reform and technology overview
Christopher
Croft provides
content for this page
Page last updated on
29.05.08
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