Leading UK repository provider TOWER Technology has today urged London insurers to prepare for the coming changes to the market due to modernising initiatives like LMP (London Market Principles).
The company argued that the primary objective of insurers should be to "modernise their systems and their interaction with brokers and underwriters" in order to compete effectively with overseas competition.
UK managing director Adrian Cobb commented: "Some companies may not wholly agree with the recommendations contained in LMP 2001. However, it would be folly for anyone to take a `sit back and wait' attitude.
"Competition from overseas has intensified and the London market is in danger of falling behind. Insurers in London need to implement business technology now or risk losing their global positions."
TOWER Technology's clients include Equitas and ACE International.
