Kinnect must move forward in 2005 to absorb a community culture within the Lloyd's market and abandon the threat of contract uncertainty, Lloyd's chief executive Nick Prettejohn said today.
Kinnect allows the broker to place business without compromising the client, said Prettejohn. Its future development is essential to the market.
“It is about extracting the maximum benefits from process and data standardisation to achieve a more efficient, lower risk placement of any London product,” he said.
With the support of Willis, Marsh and a “significant” number of Lloyd's underwriters, Prettejohn views Kinnect as a “community platform".
“By the end of this year,” he said, “Kinnect must have a product that encompasses the entire lifecycle of a risk, from original placement through to endorsement to renewal.”
“It must also have demonstrated that it can be expanded beyond the property market.”
The support of Kinnect is critical to the future of the Lloyd's market, he said. It would be the key to developing contract certainty.
