Technology outsourcing company Xchanging Ins-sure Services has launched a repository to speed up processes in the London Market.
The repository is an electronic filing system where all policy and claims information for Lloyd's and the Company Market can be stored, updated and retrieved. Authorised users, including brokers underwriters, loss adjusters and lawyers can access it through the internet.
The cost is £34 per user per month.
Xchanging Ins-sure managing director John Benjamin said the repository would be a key tool in the way London Market operated.
"The repository supports the placing and claims activities central to the London Market, and will improve the market's administration activities," he said.
The repository will be linked to the market's processing systems such as Claims Loss Advice and Settlement System (CLASS) and the Contract Management Register (CMR).
Its main advantages include lower document production costs, improved data security, immediate access to required documents and real-time communication with the rest of the market.
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