New service contract for London Market electronic processes

Electronic processing for accounting and settlement and claims handling in London has entered a new era with the implementation of a new service contract. The agreement for the Insurers Market Repository (the repository) came into effect on 1 October and now governs all company, managing agency and broker users of the system.

The repository currently handles 2.9 million web requests per week with 1,500 electronic claim files added every day. At present there are 5,300 registered users, adding over 20,000 documents every day.

Dave Matcham, chief executive of the IUA, said: “We are now well on the way to full use of electronic claims files by companies in the London Market. Acceptance of the new Insurers’ Market Repository will accelerate this process and help ensure that the system can live up to the demands that will be placed upon it as the amount of business processed increases.”

David Hough, chief Executive of the LMBC, said: “The overwhelming take up of this new agreement demonstrates the degree of commitment the market is throwing behind the electronic effort. The collaborative work of the associations was key to getting to the stage we are now.”

David Andrews, chief executive of Xchanging, said: “The level of support and commitment received from the Market for this initiative is unprecedented and demonstrates a real desire to capitalise on reform opportunities. Xchanging is committed to support the London Market as it implements this large infrastructure change and drive for a paperless insurance market.”