The Market Reform Group (MRG) has produced its plan for continuing to modernize London market processes throughout 2007 and beyond.
“Following full consultation with market firms, the plan sets out the group’s long-term vision and key priorities for this year to make the market’s processes more efficient and cost-effective, improving customer service,” said the announcement.
The MRG’s reforms call for a “much greater focus on electronic trading in the London market, aiming for all risk submissions, claims and accounting and settlement to be handled electronically within three years.”
Its top priorities for 2007 include the following:
— Continuing to embed contract certainty into day-to-day processes as a matter of course, while substantially reducing the number of Legacy policies in the market – contracts where appropriate evidence of cover has not been issued;
— increasing use of the Insurers’ Market Repository, so that all new claims and the majority of submissions are processed electronically by the end of the year; and
— further adoption of standards and measurement within the market.
MRG Chairman Dane Douetil, chief executive of Brit Insurance, commented: “The market made excellent progress in 2006 and change became a reality, but there is still much to do to ensure that the industry provides the very best service to customers. We want to become the market of choice.
“Our roadmap to reform sets out very clearly how we intend to build on the success so far, and win more business for London, by continuing to make the market more efficient, cost-effective, and competitive.”
The entire plan may be consulted at: www.marketreform.co.uk.
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