ILU Asks Speed-Up In Use Of Electronic Claims Systems

When arranging coverage for a ship in the London market, insurance brokers will soon be able to conduct negotiations with underwriters over a computer. Already, dummy trials are being held, with live electronic placing scheduled to start in April.

The Institute of London Underwriters (ILU), which is pressing its members to speed up the introduction of electronic claims systems, wants to see all claims business computerized by the end of the year.

When paperless underwriting systems were first contemplated, many brokers and insurers felt that electronic placement would not be suitable for marine risks because of their size and complexity. But that perception has changed, according to Charles Wilkins, data processing manager at the Institute of London Underwriters, which represents 101 marine and aviation insurers in the company market.

He claims marine risks are not necessarily any more complicated than non-marine risks The move toward paperless trading systems in the marine insurance markets is progressing parallel to similar initiatives throughout the London market. The London Network Management Committee is coordinating the project in which the Lloyd's Insurance Brokers Committee, Lloyd's of London, the Institute of London Underwriters, and the London Insurance and Reinsurance Market Association are participating.

Lloyd's and the company market will all start testing electronic placement systems together next month.

The first phase will enable a broker to prepare a risk package proposal on screen, to obtain quotes from underwriters, send a confirmation of a firm order, and provide a facility for processing endorsements to a risk package held in the system.

Maritime Reporter Magazine, page 8, Mar 1992

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First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.