Lloyd's of London chairman Lord Levene today urged underwriters and brokers to move away from paper-based trading and embrace new technology.
"I have never come across an industry as paper-bound as the London Insurance Market, and I have to say that it even surpasses the Civil Service in its volume of paper," said Levene.
Levene added that though the market had made technological advances in recent years, there was still room for further improvement.
"As an industry we have taken many steps forward but we need to go further."
Levene highlighted initiatives such as LMP, Xchanging and Project Blue Mountain as evidence that there was "light at the end of the tunnel".
But Levene added that "much of our franchise implementation programme will go to waste if improvements in underwriting standards are not matched by substantial improvements in processing standards".
