Speaking at the LMG published its 2011 work plan Barnabas Hurst-Bannister warned that of the market did not continue with a programme of continued improvement it would endanger the progress which has been made over the past five years.

He said:  “As our report sets out, the modernisation work we have pursued since 2005 has altered the landscape of our market significantly – and altered it for the better.  We have a more streamlined and standardised approach to placing business; contract documentation reaches the client promptly; money moves between counterparties faster and with fewer errors; claims are processed more than twice as fast.  All this has played its part in maintaining London’s position in the global industry.

“Our plans for 2011 will build on these achievements.  As we set out last year, we are now engaged in a process of continuous improvement.  We must seek constantly to up our game in terms of the efficiency with which we service business.  By doing so, we are meeting our clients’ expectations and warding off competitors who might seek to encroach on our market.

“2011 will be a year of delivery.  The two main elements of our Finish What We’ve Started programme – eAccounts and ECF2 – will go live this year.  By moving to the use of structured data for premium submissions, eAccounts will further rationalise our settlement process.  The usability enhancements ECF2 will bring will allow us to extend the already remarkable productivity gains that electronic processing has brought to the claims world.

“Elsewhere, the roll out of the electronic endorsements pilot will continue the expansion of modernisation into the front office.  We will, also, plan the process by which this new way of working is used to support original placements.  And we will continue the work to define the direction in which our modernisation efforts should be focussed in the years to come – the Future Process Model.  We will be publishing a consultation paper on this next week.  It is vital that as many market participants as possible get to understand and comment on our proposals.  I encourage everybody to read the document when it is available.”