Lloyd's sets up LMP slip 'action team'

Lloyd's has set up an ‘action team' of LMP slip auditors to help the market meet its 95% usage target by the end of the year.

Lloyd's said the team would check over a quarter of all slips placed to identify common problems and errors in the completion of slips, and to offer feedback and advice to managing agencies and brokers.

Head of business process reform at Lloyd's Ian Saville said: “Our commitment to tackle the issue of business process reform is unrelenting.

“The market has four months left to raise the level of slip compliance to our target of 95% from the current 83% mark.

“The new team will provide participants with timely information and advice to help them achieve this goal.”

Slips would be checked within a few days after the lead underwriter had accepted the risk, said Lloyd's.

“This approach, together with the greater number of slips being checked will enable the team to provide instant feedback to managing agents and brokers and a faster flow of information to market organisations,” it concluded.