Sabrefish sponsor the first London Market Group Forum of 2014

Sabrefish were proud to sponsor the first London Market Group Forum of the year, promoting our full life-cycle, multichannel underwriting system, RiskWrite.

The London Market Group (LMG), supported by the Lloyd’s Market Association (LMA), is a senior market wide body with the primary function to act as champion of the modernisation agenda in the London Market.  Monthly informative LMG Forums take place for insurers, brokers, suppliers and influencers in London’s Willis building, welcoming speakers from influential organisations, which this month included; Willis, Marsh and Catlin.

Christopher Croft, Head of LMG Secretariat, opened 2014’s first LMG Forum with his usual wit. And as this month’s sponsor, I was on the receiving end (but wouldn’t expect any less!).

Click here to download the LMG Forum presentation slides.

The forum began with the usual round up of eAccounting and Non Bureau Accounting volumes and accuracy.

eAccounts accuracy is still 15% more accurate first time in comparison to IMR A&S submissions. This is true of both the Lloyd’s and companies market, as it was throughout 2013.

Non Bureau Accounting numbers are increasing year-on-year; it’s conceivable we may see a 100% adoption increase in 2014, judging by last year’s 80% increase.

Year

Average

Year-on-year % increase

2011 – 12

400

2012 – 13

1600

25%

2013 – 14 so far

2000

80%

The Board of Placing Platform Ltd (PPL) has defined their ‘workstreams’ for progress which include ‘Planning, review and governance’ through to ‘Market commitment and roll out’. Placing resources can be found here on the LMG website.

And the LMA, International Underwriting Association (IUA) and London & International Insurance Brokers’ Association (Liiba) continue to work together as the ‘Central Services Refresh Programme’, to make Central Services easier and more attractive to use by moving London market specific administration tasks, or “Londonisms”, away from the broker. Their agenda is as follows:

  • Defining a number of potential deliverables for 2014
  • Working with LIIBA to validate the operation of EBOT and ECOT in a subscription market
  • Developing metrics with carriers for how Market Submission can improve service performance

As the sponsor it was a pleasure providing the prizes for this month’s winners, congratulations to:

Richard Hayes, Head of ITAscot Underwriting

Charles Brown, PMOJLT

Event speakers & topics for the session included:

Shirine Khoury-Haq of Catlin; who chairs the TMEL Board and also represents the International Underwriting Association (IUA). Shirine presented on:

 “Delivering the foundation of the future: The Message Exchange Limited in 2014 and beyond”

Simon Harker, Global Chairman and CEO, Aviation and Aerospace Practice of Marsh Ltd presented on:

“Electronic Support for Endorsements – Aviation Initiative” – Sharing the work to increase usage for Aviation endorsements.

And…

Richard Brame, Director of Accounting and Settlement at Willis presented on:

“E-Accounting Expansion 2014 and Beyond” – Including a look at non bureau accounting from the broker perspective and how they will build on the 23 new business partnerships that went live in 2013.

The LMG is set to take on an even more influential role in London’s place on the global stage. Sabrefish look forward to observing and being a part of its progress.  

To view the full presentation, click here.

Category: Brokers, Distribution, eInsurance, Insurance, IT Services, London Market, RiskWrite, Technology, Underwriters

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