|
A plot showing the developing engagement picture will be published on a periodic basis. The current version is available here
Go to project resources
One of the major aspects of the market’s drive to adopt electronic processes to support placing is in the area of endorsements. This is part of the London Market Group’s (LMG) wider sponsorship of the use of electronic processes to support business placement. It builds on previous related work such as the introduction of the Market Reform Contract Endorsement (MRCE) format and the transaction of MRCE by email (eMRCE) and exploits work by individual firms and the messaging Exchange launched by Lloyd’s in 2009.
The ultimate objective of this work is for all endorsements in the London market, irrespective of complexity, to be submitted and agreed electronically using data messaging. Importantly, this does not preclude negotiation between broker and underwriter, whether face-to-face or by other means.
A pilot, focussed on direct marine hull, cargo, war and liability business, was completed at the end of 2010 and confirmed that electronic processes can be used effectively to support the transaction of business. LMG subsequently announced plans for the wider roll-out of the process through 2011 and early 2012 and future milestones are:
- 5 March 2012 – All carriers to be ready to receive all endorsements electronically for all classes of business.
- Summer 2012 (subject to verification by PSSG) - Implementation of solutions for conditional acceptances/subjectivities and endorsements to multi-section risks. Organisations that wish to progress more quickly are encouraged to do so, as at present
This work is managed on behalf of LMG by the Placing Support Steering Group. The following provide more details of the project’s governance:
A messaging service, the Exchange, has been created to enable brokers, underwriters and IT suppliers to have a single connection point from which they can send and receive information securely between multiple parties. The Exchange contains a contacts database with details of underwriters who are expected to receive electronic messages from brokers via the portal. Details of contacts may be updated by nominated representatives from carrier firms by accessing the exchange portal at this address:
https://exchange.tmel.co.uk/tmel/
Details of the pilot and its outcomes are available on the project resources page
This page offers a suite of documents that are relevant for practitioners and systems developers including implementation guides and various notes on recommended work practices to help the market achieve consistent usage across multiple broking and underwriting firms, as well as providing information on other aspects of the project.
For specific information about electronic support for endorsements, please contact:
or
To be added to the distribution list for project contacts, please contact your Association or the LMA. |
