Managing agents negotiate deal on settlement and policy signing
The Lloyd's Market Association (LMA) is scheduled to meet this week to thrash out services standards between managing agents and Xchanging Ins-sure Services (XIS).
The LMA has negotiated the bilateral agreement, which covers premium settlement and policy signing services, on behalf of managing agents.
LMA chief executive Simon Sperryn confirmed that representatives from a number of managing agents - including Amlin, Wellington, Cox and Ensign - had been involved in the negotiations.
Sperryn said: "We've negotiated a normal commercial contract. There is one outstanding issue to be resolved but we will soon be sending managing agents a copy of the contract for them to see."
The LMA will also use this week's meeting to disclose details of an agreement reached with XIS to provide an electronic claims file (ECF) for the London market.
The meeting will be attended by XIS managing director Clive Buesnel and Lloyd's head of business processing reform Iain Saville.
Sperryn said the LMA would be revealing the terms of the ECF deal with XIS to managing agents this week.
"This repository will be used for claims across the London market," Sperryn said.
Sperryn said a number of managing agents had been involved in the ECF negotiations with XIS. Among them were Ace, St Paul, Amlin, Wellington, Marlborough and Faraday.
Last month it was revealed that Lloyd's had launched a review of its claims handling processes in conjunction with consultancy McKinsey, which will examine the possibility of putting contracts out to tender. Lloyd's said the market's brand was at risk because of the "perceived low claims service levels to brokers and end customers".