Most participants in the London Market would like to see it run more efficiently—but getting everyone to agree on how best to achieve this is quite another matter. Intelligent Insurer finds out more.
“We have 250 companies active in the Market that currently spend most of their time feverishly competing against each other, so achieving that consensus while ensuring that we drive change programmes, where companies do more or less the same thing, at more or less the same time, is a significant challenge.”
This is how Christopher Croft, head of the London Market Group secretariat, characterises the task faced by the stakeholders in modernising the London Market’s back offi ce systems. The aim of this project, appropriately named ‘Finish what we started’, was to increase the efficiency of processes within the Market significantly.
“To progress these projects we need to get firms to recognise that there are areas of common processing—particularly in a subscription market—over which they do not wish to compete. By coming together to pursue a common approach to modernising these parts of the process we can drive a more efficient result for the Market as a whole,” he adds.
London Market, Insurance, Reinsurance