The International Underwriting Association (IUA) has set up a contacts ‘network' of project managers responsible for driving contract certainty improvements in the London company re/insurance market.
The IUA said the of the group is to provide a forum for sharing ideas, experiences and successes by those directly responsible for implementing the everyday changes in business processes and behaviour that are necessary to achieve greater clarity in the terms of contracts written before coverage becomes active.
Already project managers representing more than half the IUA's member companies have joined the ‘network' and a list of contract certainty process issues is being compiled following a first meeting of the group.
Further informal meetings are expected to be held on a monthly basis, supporting regular email exchanges to share best practice ideas.
John Hobbs, director of market services at the IUA, said: “It is clear that the London Market's contract certainty effort has moved from theory to practice. The enquiries I am now receiving focus firmly on how agreed strategies can be properly applied to real negotiations.
“The IUA's work on contract certainty therefore is all about engaging with professionals on the ground who are responsible for implementing the business process change within their companies.
There has been a very enthusiastic response to the idea of a project manager network and I believe it will play a valuable role in promoting best practices and helping to ensure the market's contract certainty targets, agreed with the Financial Services Authority (FSA) are met.”
