Reform group denies reports of discontent and focus on self interest
The Lloyd's Market Association (LMA) is set to take a greater role in electronic process reform at Lloyd's.
The move comes amid confusion about the future of G6, the group of top managing agents which has pushed business process reform since the closure of Kinnect in January 2006.
The group's work has covered areas such as electronic risk placement and payment of premiums.
Speculation has mounted about whether G6, which has often been accused of alienating the rest of the market, has confused the issue of business process reform with peer-to-peer implementation.
Suggestions have been made that the group is on the verge of splitting following reports of discontentment.
But G6 has vehemently denied this and insisted it was simply looking for the LMA to take over in the next stage of market reform.
"This is not about disbanding G6," the group said. "This is about recognising the work and successes to date, a focus on implementation of these initiatives in each agency and a controlled transition of future work into the market.
"With the appointment of David Gittings to the LMA, we believe we can start this transition. The association should now seek to drive change to the next stage with our support."
Ian Summers, director of change strategy at Aon, added: "It is vital for London that the market reforms, not just the enlightened few. G6 has kick-started a number of key initiatives but in isolation they cannot change the market."
Areas of work for the LMA identified by the group include a new audited wordings database to support contract certainty, electronic placement, replacement of stage two checks and the burden of administration, accounting and settlement and the resolution of legacy policies.
David Gittings, chief executive of the LMA, said G6 had achieved a great deal, but he added: "Clearly its first obligation is towards its own businesses, whereas the LMA represents the interests of the underwriting community as a whole, so it is natural that the point would come when the LMA would step into the lead.
"We welcome the challenge and fully support the market reform agenda."
