Capital Computer (UK) will launch a new back-office system for Lloyd's brokers on 14 May.

IMPACT has been developed over the past 18 months in conjunction with Lloyd's broker Alwen Hough Johnson (AHJ).

The new system is compatible with the London Market Principles (LMP), which aim to modernise premium payments and claims processing in the London Market. All modules are integrated with tracking systems for management control and reporting of payments.

The system is also fully compatible with Microsoft desktop applications, such as Excel, Word and Outlook for all quote and slip production. This is said to enable it to provide complete, integrated document management facilities, updating the policy from quote and slip document variables.

Capital Computer (UK) director Herman De Wet said: "The London Market has for many years not had any new offerings. Most of the London Market runs on very old applications and systems. We just felt there was an opportunity."

He said IMPACT cost between £600,000 to £700,000 to build. Capital Computer (UK) hopes over the next three years ten new brokers will buy the system at a starting cost of £120,000 each.

Capital Computer (UK) is a subsidiary of independent South African software company Capital Computer.