London market members call for investment

Members of the Lloyd’s Market Association (LMA) and London and International Insurance Brokers’ Association (LIIBA) have called for investments in technology and training.

This is seen as necessary to retaining and increasing market share while also enhancing the Lloyd’s and London market claims process, according to brokers and managing agents who participated in a survey of LMA and LIIBA members.

Respondents also praised the effectiveness of initiatives such as the Claims Transformation Programme (CTP) and the implementation of the Electronic Claims File (ECF) in improving the London Market’s claims offering.

While more than half of respondents felt that market systems would continue to meet requirements over the next three years, both brokers and managing agents indicated the need for investment to continue meeting the challenge of overseas markets.

LMA claims committee chairman and head of claims at Canopius, Mike East said: “The recent survey is a positive indication of the improvements that have been made in the market’s claims capabilities, in terms of turnaround times, transparency of information and an increased client-focused approach.

“However there are clearly areas in which the Lloyd’s market must continue to develop and improve its claims service to meet future challenges.”