Next challenge for the London market will be the cultural change, says insurer
Markel International, in affiliation with the IUA, has confirmed its commitment to the electronic claims file initiative.
Gerry Albanese, president and COO of Markel International, said: “In the last five years the market has been through a period of immense change – one of the most notable and perhaps most necessary on the claims side. The next challenge for ECF is the culture change that is going to be required to allow ECF to become part of everyday life in our market.”
Dave Matcham, chief executive of the IUA said: "The ECF product is another example of London leading the way in the use of technology. To my knowledge there is no comparable market anywhere in the World that is able to roll-out such a market system to so many practitioners. The IUA have the majority of our members using the product with a target to have all new claims posted to the repository by the end of the third quarter 2008.”
Stuart Willoughby, director of claims at Markel, added: “We will continue to advocate and promote one platform for subscription claims within the London market and work diligently in the promotion and further enhancement of ECF.”
In January Markel International announced that they are now ready to accept any new claim that is in-scope through the electronic claims file system. Markel have been dealing with Lloyd’s claims electronically since September 2006 but their recent adoption of the company market system means that they now have the capability to trade all new claims electronically.
