2009-06-10

By Editor, CIR

Over 70% of London market insurance brokers and underwriters are doing business electronically more frequently than 12 months ago, a survey issued by Aon suggests.

The finding is part of Aon/Watertrace's 2009 survey of underwriters and brokers on the progress and challenges of modernising the London market. It polled 118 people from 28 firms and found that 73% of brokers and 77% of underwriters have increased their use of ePlacement support tools in the past year.

The survey finds the brokers are finding benefits in ePlacement tools in later stages of the placing process such as binding and electronic advice of signed lines. Underwriters are less convinced, although they believe benefits will come.

It also finds that underwriting firms' corporate strategies support ePlacing, but little progress has been made to integrate with back office systems. The introduction of the Lloyd's Exchange "is being hailed as the catalyst for change".

On some business lines, brokers and underwriters ''have vastly different perceptions of how ePlacement should work and this may have resulted in varying degrees of adoption" the survey report adds.

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