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Emerging Trends at Lloyds

And from Carl Philips blogging at the Lloyds website- an investigation of some emerging trends in the Lloyd’s Market. We hope you find this helpful. Clearly Lloyds is striving to grow from its conservative face-to-face style into the world leader in insurance technology  that it can be, with careful thought  about how to keep the best of the past and still evolve with the future needs of its clients and intermediaries.

Meridian is a highly dynamic specialized insurance consulting group and broker with offices in Boston, MA, Newport, RI and Brookfield, CT.  We are a hard-driving group with an entrepreneurial spirit who will work tirelessly for clients.  We specialize in risk management and risk transfer issues for clients. We are members of several business and industry associations  and the Professional Insurance Agents group (PIA.)

Our Mission is simple.   We seek to help our clients make the best risk and risk transfer decisions possible.  We bring market-leading service to the most creative solutions in the risk management field to ensure that each Meridian client achieves their risk objectives.

“The Gracechurch London Market 2010 Study’s main headline was that Brokers were “very positive” about doing business at Lloyd’s over the next three years but digging down into the details some interesting trends are emerging.

An emerging market trend that caught my eye was the prediction that the percentage of risks placed electronically would almost double by 2012.  Brokers anticipate more business being placed screen to screen over the next two years, maybe as much as 5% of the total.  However brokers remain solid on the need to have close physical proximity with the people they deal with; face to face trading being one of the unique selling points of the London Market.

As we approach the formal launch of the Endorsements Pilot on 1 October 2010 that will see all endorsements for direct marine hull, cargo and liability sent electronically using electronic messaging to support the face to face trade it seems that this forecast may prove to be correct.

Lloyd’s is currently undertaking a piece of research using the iPad. This work proposes replacing the broker’s slip case with a device that enables documents used in the face to face negotiation to be stored and read electronically. Brokers have responded to this proposal with great enthusiasm.

The combination of a ‘sexy’ gadget to support the trade and ACORD messaging to evidence contract certainty could help maintain the uniqueness of the London Market and may well mean that 2011 is the year when electronic support for the face to face placing process comes of age.”

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