Lloyd's is very proud of its new telecommunications system. In fact, the 300-year-old market has even branded it revolutionary.

The Voice over Internet Protocol (VoIP) allows sound to be sent over a data network, instead of over a standard phone line.

The system links users' phones to desktop PCs, so users can play voicemails on their computers. Sounds great.

According to Lloyd's publicity machine, it is now the biggest UK financial services operator to use the new system.

But, despite spending £1.4m to introduce the new technology, Lloyd's stumbled over a crossed line last week when it took two days for the press office to return one journalist's call. The reason? Problems with voicemail, according to Lloyd's spokesman Adrian Beeby.

London Market underwriters who remember Lloyd's legal tussle with high-tech architect Lord Rogers over rusting ductwork, will, no doubt, be looking forward to Lloyd's next technological investment.