A quarter of all premium transactions in the London market are expected to be handled electronically by the end of the month, according to figures released by the Accounting and Settlement Repository Board.
The board also revealed that the number of daily transactions has almost doubled since the start of the year.
The number of premium-related transactions going through the system has gone up from 400 a day at the end of 2006 to more than 700 a day. The total number made since the repository went live last September is around 34,000.
Last September, the Market Reform Group launched the Insurers' Market Repository (IMR) – an electronic filing cabinet that enables claims and premiums to be processed electronically.
Pat Talbot, chair of the Accounting and Settlement Repository Board, said: “These figures clearly prove that the London market wants to work electronically.”
“Sixteen brokers are now using the repository to process premiums,” he continued, “and we are in talks with a number of others who will be signing up shortly. The benefits of the system speak for themselves, and the fact that some 34,000 transactions have been made in less than four months gives a clear indication of its popularity.”
“This is an important step towards reforming London's processes. It brings the market closer to an electronic processing environment as set out in the Market Reform Group's vision for reform,” he concluded.
Trevor Maddison, senior vice president at Marsh, said: "This is positive proof that market reform is working. Anything that removes paper processes and boosts efficiency is a good step forward, and these volumes clearly show that the market is adapting. It is early days, but we are clearly on the right track."
