Users of the Xchanging Ins-Sure Services (XIS) will see cheaper pricing for high volume, simple transactions.

The Lloyd's Market Association (LMA) revealed details of a new pricing agreement to its members this week.

The new pricing structure will apply to premium settlement and policy signing services provided by XIS.

LMA chief executive Simon Sperryn said prices had varied according to the type of business being handled, but now there would be a more uniform approach to pricing.

"Simpler transactions done in great volume will be cheaper," Sperryn said.

He added that the new contracts, which were presented to the LMA by Cox compliance officer Henry Colthurst, would include penalties for underperformance.

"Control over performance will be exercised collectively by the market processes committee of the LMA.

"The contract will provide penalties in the case of sustained failure," Sperryn said.

The LMA processes committee will receive monthly reports from XIS as part of the monitoring process.

This week's LMA meeting also included a claims file presentation by Marlbo-rough director Ian Mallery and Faraday claims director Gary Bass.

They outlined the terms of an agreement reached with XIS to provide an electronic claims file (ECF) for the London market.

The ECF will be implemented in quarterly stages over a period of 15 months.

But the start date of the 15-month implementation period had yet to be finalised, Sperryn said.

An Xchanging spokesman said: " The contracts were fair and everyone could see there were benefits for all."

He added that Xchanging was "pleased to see the market unifying behind the ECF initiative".

Topics