Lloyd’s launches electronic trading in China
Lloyd’s is bringing state-of-the-art technology to China to ensure that business placed in its new reinsurance operation there is handled as quickly and efficiently as possible.
The world’s leading specialist insurance market is using Xchanging’s processing software Genius as its core reinsurance system in China, which will enable users to log on as either a Chinese or English speaking user and to view screens and develop reports in the appropriate language.
Lloyd’s has also purchased a global licence from internet trading service RI3K that enables business to be placed in an efficient, cost-effective and secure manner.
In addition to this, the Shanghai office will make full use of the London Market’s Insurers’ Market Repository – an electronic filing cabinet that enables claims and premiums to be handled quickly and efficiently without the need for paper files.
RI3K’s paperless environment will enable underwriters in Lloyd’s reinsurance operation in China to exchange information electronically with underwriters in London, speeding up the service to brokers and cedants in China.
As part of the deal, Lloyd’s has also negotiated a licence that enables the market to use RI3K’s internet service to write and place business in other territories.
Lloyd’s Chief Executive Richard Ward said:
“Centrally at Lloyd’s, it is our job to provide our developing markets and existing businesses with access to the technology that will help them operate as efficiently as possible. While it is down to each individual business to decide exactly how they want to do this, we are ensuring that they have good access to the latest technology.”
“This is a good example of using technology intelligently for the benefit of the whole market.”
Nigel Roberts, Managing Director of Specialist Lines for Aon Limited, Chairman of its Marine Division, and a member of London’s Market Reform Group, said:
“A facility like RI3K allows us to transact more business much more cost-effectively. It will allow greater volumes of business to come through the market, and will give our customers more choice.”
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