Correcting and reworking policies in the London market is costing brokers between £100m-£250m, according to experts.
Atos Consulting head of London market and reinsurance practice Simon Burtwell said: "The level of reworking in the London market is 65% of the business process. Six out of the 10 things a broker does, such as transactions, wordings and submissions, have to be done twice."
Atos has been working closely with the G6 Group and the LMA on a post-Kinnect strategy. Burtwell said that a "peer-to-peer service which is email based" is the most desirable formula because it is "the cheapest and most efficient".
"Talking to the G6 group and the LMA, what is needed is system or systems that bolt on to a wide variety of technology. The era of the mega-platform is dead," said Burtwell.