Slip quality has improved 100%, according to Lloyd's.
Iain Saville, head of business process reform at Lloyd's, welcomed further progress made in LMP slip quality. But he warned that more needed to be done for the market to achieve the slip quality target of 95% by the end of the year.
Latest figures show that overall slip quality using a balanced scorecard assessment has increased to 87% since July.
Iain Saville said: “This progress is encouraging. We continue to see positive developments in a number of areas relating to the quality of slips, but more must be done if we are to see lasting improvements. Our new slip checking arrangements will enable us to give timely and focussed feedback and guidance to brokers and underwriters, to drive standards higher."
Loyd's said the latest findings showed that:
· the number of slips entirely satisfying the market's checklist is now 1 in 4, an improvement from 1 in 8;
· there have been significant improvements in most of the common errors in slip completion; and
· only 1% of slips checked by the Programme Office were in complete breach of the mandate.
The latest report is based on LMP Programme Office audits and self-certification returns from managing agents and brokers of slips placed between May and July 2004.
