The Lloyd’s Three-Year Plan 2012–2014 is designed to make the market more efficient and streamlined, and will also mean many opportunities for software providers, says Francis Fortunato.
Estimates suggest that the percentage of delegated authority business underwritten by Lloyd’s syndicates nears a third of the overall total gross written premium (GWP) in the market. In fact, the figure is closer to 25 percent—still a hefty portion of the approximately $34 billion in GWP at Lloyd’s.
Underwriters and syndicate management have begun to see the fruits of the seeds prudently planted over a year ago when guidelines were announced that binding authority data needed to be standardised and reported in a timely manner. Slowly but surely, a clearer picture is beginning to emerge about the validity of the premiums charged for covering these risks. As more data become available, in a far faster time frame, underwriters can do what they do best and price risks appropriately.
A number of software providers, CATEX included, are offering bordereau reporting systems. Syndicates, coverholders and binding brokers have a good choice of options available to comply with the Lloyd’s guidelines. The software and underwriting markets seem to have responded to the challenge.
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London Market, Insurance, Reinsurance, CATEX