London Market Group: How fast is fast enough?

At last month’s LMG Forum, the audience joined Rob Gillies, Steve Spicer and Bent Isachsen in a lively debate on the progress of the endorsements initiative. This month’s main article seeks to take forward one of the most interesting aspects of that debate.

At present, LMG has set a target of the end of the first quarter next year for all firms to be live processing all endorsements electronically, across all classes of business. What we saw at the Forum was an expression from a majority of the audience that they would like to reach this milestone sooner. The question becomes how can we achieve that? Is LMG’s response � that it positively encourages those firms that can get going faster to do so � enough?

Given the need for this to be progressed by all markets on a slip for it to make real sense for brokers; and by more than just a few brokers for it to make real sense for insurers, is a revised “big bang date” what is required? How would that play with LMG’s need to consider the interests of the whole market and balance the need not to unduly disadvantage those firms that are willing, but unable, to progress faster than the current timetable? The debate rages on.

To read the complete article, go here.

London Market Group

The London Market Group (LMG) has an objective to discuss any aspect of business where a cross market view, or some collaborative action, might be beneficial. This will see discussions extend beyond process change to areas such as the need to attract talent to the market and the market’s response to the Chancellor’s group report into the future of insurance. More at