A new company claims it will unify and improve back-office services supporting the London Insurance Market.
The joint venture between Lloyd's, the International Underwriting Association (IUA) and ...
A new company claims it will unify and improve back-office services supporting the London Insurance Market.
The joint venture between Lloyd's, the International Underwriting Association (IUA) and Xchanging, is called Ins-sure Services and was launched on May 1.
With an estimated £20bn annual turnover of premiums and claims settlements, Ins-sure will start trading as one of the largest insurance service companies in the world.
Xchanging will hold 50% of the company, and Lloyd's and the IUA will each own 25%.
The processing and settlement operations of Lloyd's Policy Signing Office (LPSO) and the IUA's London Processing Centre (LPC) will be joined in the new organisation, in a move designed to improve efficiency and reduce costs in the London Market.
There are also plans to launch an Ins-sure e-business venture.
