The chairman of the London Market Group (LMG) Barnabas Hurst-Bannister, has announced the group’s strategy for the year ahead telling the market’s senior figures failure to continue the modernisation already underway would leave London lagging behind its international rivals.

In a letter to Chief Executives of all London market brokers and insurers, Mr Hurst-Bannister said: “In 2009 we saw further tangible benefits from our efforts thus far – and these are being appreciated by our clients.  We are now engaged in the sort of continuous improvement exercise that all markets must pursue or risk being left behind by their competitors. 

“Our plans for 2010 set an ambitious agenda; but one that is necessary if the London subscription market is to maintain it’s pre-eminence in the global industry in which we now operate.”

He added there were already tangible benefits delivered by the modernisation work including 40% improvement in a key measure of client satisfaction, the fact that the Electronic Claims File (ECF) initiative had halved the end to end transaction time for the average claim, and that electronic accounting submissions have reduced the average time taken to process premium by two days. 

For 2010 Mr Hurst-Bannister said there would remain a continued focus on “Finishing What We’ve Started to deliver eAccounting and the claims usability enhancements package ECF2”,

The market would also look to advance the work on electronic placing support by furthering the use of structured data for endorsement messages – a project that Aon, Willis and Marsh committed to at the end of last year

His vision recieved widespread backing from the rest of the market Paul Jardine, Chairman, Lloyd’s Market Association, said: “2010 provides a great opportunity for the London market.  We have proved we can adopt technology to deliver efficiency to our processing; and we have demonstrated that this can work as well in the front office as the back.  Our endorsements plans will take this forward and help us deliver the sorts of benefits to our placing process that ECF has delivered in the claims arena”.

Stephen Riley, Chairman, International Underwriting Association, added: “London is now reaping genuine advantage from its modernisation efforts.  The plan Barnabas has laid out for 2010 will ensure that continues and our position – once more at the forefront of global insurance – is ensured”