A new London Market committee has been established by the International Underwriting Association (IUA) to oversee the progress of adopting new digital services.
Under the Blueprint Two programme, a single digital platform is being created for processing premiums and claims, with a target cut-over date of October 2024 for phase one of these services.
The IUA’s Cut-over Review Committee will assess the readiness of the London company market and its technology partner, Velonetic, for this transition. It will provide advice to the IUA board to ensure there are no reasons to delay the switch to the new services.
IUA chief operating officer Louise Day (pictured above) stated that transitioning to a digital marketplace in the world's largest insurance hub is a significant and complex task, with potential benefits in faster and cheaper operations for placements, claims, and settlements.
“It is essential that the process runs as smoothly as possible and so our new group will allow IUA members to closely monitor testing, training and other preparations as the changeover approaches. We will be conducting an expert review of readiness documents to ensure senior executives on the IUA Board are fully informed of progress across the company market,” Day said.
The IUA Cut-over Review Committee will meet at least monthly until the new digital processing services are implemented. An introductory meeting was held last week, with the first official meeting scheduled for July.
The committee comprises senior practitioners with expertise in information technology, security, digital transformation, and business processing. It is chaired by Theo Butt, chief executive officer of Convex Insurance UK Limited, who is also a member of the IUA board and the association’s deputy chair.
A few months ago, the IUA also announced the election of Claire McDonald, a member of the executive board for HDI Global SE, as the new chair of the association. She succeeds Phil Hobbs, president and managing director of Liberty Specialty Markets.
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