LMP extended to include electonic claims handling
An electronic claims file (ECF) for the London Market is expected to go live in the autumn.
The ECF, a central plank of the London Market Principles (LMP), is being devised by the London Market Brokers Committee (LMBC), Lloyd's and the IUA.
A source close to the LMP programme office said: "It is expected that the ECF will go live in the fourth quarter of this year or the at the beginning of 2004."
The aim of the ECF is to provide underwriters with easier access to claims histories. The file will enable underwriters to look at claims simultaneously rather than sequentially.
But the market still has a number of issues to address before the ECF can begin operation.
"We're looking at how to access the file, as well as the issue of repositories," said an LMBC spokesman.
"There are two strands to the structure - the way the file is created and the underlying technology."
The ECF is a key part of the LMP programme, which aims to increase the speed and efficiency of the London Market.
IUA chief executive Marie-Louise Rossi said introduction of the LMP slip, which is a formalised structure for detailing insurance contracts, had been successful.
She added that usage of the slip is currently more widespread than had been anticipated.
"Usage of the LMP slip is currently at 70%, and it is as high as 80% in some classes."
Co-ordinators of the LMP programme are urging the rest of the London market to begin using the LMP slip.
They say using the slip leads to "improved certainty of contract which will produce fewer disputes, a reduction in legal costs and earlier claims settlement".