Policy requests will be made electronically from next month
Electronic trading at Lloyd’s came a step closer this week after the Market Reform Group announced that all policy requests on the market would be submitted electronically to Xchanging from next month.
More than 10,000 policies have been produced electronically since the e-policy service was launched about 18 months ago.
In January, 79% of policy submissions were made electronically. The service cuts five to seven days from the time taken to get a policy to a client, according to Willis, the company that piloted it.