Market Reform Group announces all policy request will be submitted electronically from March
All policy requests will be submitted to Xchanging electronically via the Insurers’ Market Repository from March 1, the Market Reform Group has announced.
The e-policy service has been available from Xchanging for approximately 18 months and more than 10,000 policies have now been produced electronically. In January, 79% of policy submissions were made electronically.
The service saves between five and seven days on the end-to-end process of getting a policy to their client, according to Willis, which piloted it.
A key target of the MRG is to reach full usage of this service, with paper only used for those few cases where it is a genuine reflection of client need.
Joe Plumeri, chairman of Willis said: “This is a further example of the London market improving its processes to deliver benefit to our clients. E-Policies help us to meet our obligations to provide our clients with evidence of the business we have placed for them; and they help us do that in an efficient manner consistent with a twenty first century market place. Lower cost to process, better service delivered. That is what market reform is all about.”
Mark Barwick, associate director at LIIBA said: “E-Policies allow brokers to service their clients efficiently, effectively and with the minimum of fuss. It is a further erosion of the transactional cost of doing business in London that will ensure that the market can continue to service global business effectively.”
David Gittings, chief executive of the Lloyd’s Market Association said: “Managing agents and our colleagues in the company market fully support this move. It is in the interest of both brokers and insurers that our clients receive the evidence of cover that they require quickly and efficiently. E-Policies are a significant step in the right direction.”
