Targets will raise expectations across the market
Preparations for rolling out e-endorsements across the London market are now well advanced ahead of a March 5 deadline.
From that date all carriers are expected to be able to process all endorsements electronically. Latest statistics collected by the IUA show a continued increase in the proportion of electronic endorsements being processed compared to paper. Meanwhile Lloyd’s has said its managing agents should commit to ensuring all new and renewal contracts led by their underwriters include a clause that requires any endorsements to be carried out electronically via the Exchange. John Hobbs, the IUA’s Director of Operations (pictured), said: “There will undoubtedly be increased impetus for e-endorsements as a result of these targets, particularly for subscription business led by Lloyd’s. “As a minimum it will raise broker expectations of a similar capability across the company market in order to avoid dual processing.” Brokers have also requested that, before the go live date for all business classes at the start of March, IUA members ensure their contact details on the Exchange are complete and up to date. “Members that have not engaged to current market levels of participation are encouraged to accelerate their readiness for all classes on 5 March and the increasing activity from brokers likely to be prompted by Lloyd’s requirements, ” added Mr Hobbs. “Those members with plans that have not yet advanced as far as connection to the Exchange are strongly encouraged to review them in light of this development.” The IUA would like to improve its data on e-endorsements and is keen to receive reports on volumes processed by all member companies. The association will continue to publish a monthly update on company market performance. Meanwhile a series of endorsement project surgeries are being held to help carriers and brokers share best practice experiences and keep up to date with the latest implementation plans. The next meeting will be held on Wednesday 7 March.
(source: IUA – Risk today)