Managing agents which have acted too slowly in bringing about electronic reform are to be paid a visit by Lloyd’s senior management.
Lloyd’s also warned of possible sanctions against companies that fail to hit reform targets by the end of the year.
The moves come as Lloyd’s confirmed that the market had missed its target for use of electronic claims files (ECF).
The ECF uptake was 45% against a third quarter
goal of 60%. Lloyd’s sources had previously indicated that progress was nearer the target.
The use of ECF will also be mandated for all participants entering the Lloyd’s market in 2008.
Sue Langley, director of market operations and North America at Lloyd’s and member of the market reform group, said: “From today I will start to visit the worst performing managing agents to review why they are not using ECF and how they plan to increase traction.
“I hope that current market progress at that time will not require any mandate or further action. But I would like to re-emphasise that all options remain open as Lloyd’s is serious about reform.”
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