Members of the International Underwriting Association (IUA) have seen their premium processing times cut from weeks to just days under an initiative pioneered by the London Market, according to the IUA.
London Market companies and their broker trading partners discussed the initiative at a Non Bureau Accounting Workshop event.
“London’s future as a market depends upon its ability to service business in the most efficient ways possible; and to fit as seamlessly as we can within the global insurance process that is now a reality of modern life,” said Stephen Riley, Chairman of the IUA.
“Non-bureau accounting, based on the international data standards maintained by ACORD, delivers on both those scores.”
IUA, London Market, Non Bureau Accounting Workshop