Despite perceptions that it is slow to change, the London Market has made huge leaps when it comes to technological advancements, says Frank Fortunato, chief executive of CATEX, a developer of web-based insurance and reinsurance solutions.
My first visit to Lloyd’s was in 1995. I remember seeing swarms of dark-suited, sartorially splendid brokers precariously balancing reams of files stacked up to eye level weaving in and out of traffic, miraculously avoiding speeding vehicles on Leadenhall Street as they headed towards the world famous Market.
Some brokers even had ‘sidecars’, or junior brokers, assigned to porter the file stacks. The senior man walked ahead, unburdened, chatting with a colleague, while the human sidecar trailed in his wake.
This image is my own personal starting point when thinking about technological advances in the London Market. Our 1995 visit coincided with the time that problems with the electronic placing system (EPS) began to surface. CATEX was promoting its business model for an Internet-based reinsurance exchange.
London Market, Insurance, Reinsurance, CATEX, Frank Fortunato