McLarens Young International (MYI) has launched a joint venture with insurance specialist JMD to perform specialist binder reviews.
David Harrod, Lloyd's and London market director for McLarens UK division, said the pressures for "focused binder reviews" to be undertaken by industry specialists had led the company to combine forces with JMD.
Harrod said: "The combination of JMD's track record in performing premium reviews combined with our own claims review experience and global reach, enables us to offer a seamless, worldwide service, covering all aspects of binder reviews at a transparent and competitive price."
JMD chief executive John Dewen said: "The amount of money wasted in poor premium payment processing is shocking. Of Lloyd's £14.5bn capacity, if premium payment improved by just one day in the market, this would equate to £2m of saved investment income.
"On average delayed premium payments costs this industry £12m-£15m a year. Regulatory requirements are quite correctly ensuring that all areas of delegated authorities are properly controlled and reviewed and we believe our specialist service [with MYI] will be welcomed by the market."
Earlier this month JMD announced that Atrium Underwriters has subscribed to its broker performance review service.
Atrium Syndicate 570 outsourced inwards premium collection and control to JMD in 2003 and its syndicates 570 and 609 have also recently commissioned JMD to address certain legacy wordings issues.