Lloyd's chief executive Richard Ward has announced his firm intention of improving business process.
In a letter to market chief executives, Ward released plans for “a new approach to the contract documentation process” designed to enhance efficiency and client service.
Under the proposal, Lloyd's will:
• Publish a simple set of checks which must be completed before the contract is entered into. These will be a rationalised set of checks based upon those in the existing QA tool
• Allow each managing agent to perform the checks itself or to place reliance on the leader or a suitable service provider
• Facilitate immediate issue of the contract; at minimum to produce and issue a client copy within 30 days
• Allow managing agents and brokers to agree on the branding of the client copy provided it includes agreed Lloyd's branding.
Under the new process, responsibility for the implementation of the new approach and compliance with it will lie with the managing agents.
As such, the agents will have to set up processes for measuring compliance and reporting statistics to Lloyd's.
Ward has called on the market to provide feedback on the proposals by 5 June.
Ward's letter concluded: “We look forward to working with you on this significant development, in order to see the proposals through into practical implementation.
"I believe that this is a clear opportunity for us to take major strides in reform, which will benefit both the Lloyd's community and our clients.”
