Yellowblox launches online document processor
Technology company Yellowblox.com says it is ahead of electronic reform in the London market with a new package for binder businesses.
By using the package, brokers can send off electronic documents for approval with the underwriter, rather than physically taking the policies for rubberstamping.
Binder business, in which intermediaries have delegated authority to underwrite niche business for insurers, makes up around 31% of premium at Lloyd’s.
Managing director Richard Garnett said: “Not only is the Market Reform Group expected to start looking at binder business, but the credit crunch has everyone looking at their bottom line that bit more closely than before.”