Core is hosting an event on the 26th March examining the impact to workflows, administration and how implementation will play out.
The proposed central e-trading platform will allow business to flow into London from around the world far more easily than before, without the same cost implication. But will it deliver all that it promises and what other considerations need to be examined?
Core is inviting a group of key players from the market to examine:
• What are the security implications?
• What are the barriers to the collaboration system?
• How can process efficiency be maintained?
• How will workflows and administration be affected?
• How to deliver a cohesive system while maintaining legacy systems?
In the chair
Malcolm Newman, Managing Director, SCOR and Chairman, International Underwriting Association.
How the evening will work
This evening event gives attendees the opportunity to discuss the issues in an informal Knowledge Café format. This is a great way of opening up conversations and discussions that will give participants a deeper understanding of the implications of these developments.
After drinks on arrival, a short introduction to the topic will be given by Malcolm Newman before attendees break into small groups to consider the questions. The event is sociable and informal, and drinks and refreshments are provided throughout. The session will finish with a group discussion and round up of key themes and challenges that were identified, and we’ll circulate a paper summing up the ideas.
Background
London Market Group (LMG) is a senior market wide body whose primary function is to act as champion of the modernisation agenda in the London Market. In its 2013 review of London’s collective modernisation vision it concluded that the market needed to improve its accessibility via a central trading platform.
A number of broker firms indicated their intention to work from a single e-platform and as a result the Placing Platform Limited (PPL) was formed. PPL has now completed a tender process and has appointed a provider for this platform subject to final approval by key industry bodies. These include the International Underwriting Association, the London & International Insurance Brokers' Association and Lloyd's Market Association.
So what happens next and what does this mean for the market?
There are still considerable difficulties ahead around development. Key factors in the success of this initiative are ease of adoption, security, cost and efficiency. There are implications not just for the implementation of the platform but for workflow and administration processes as a whole in the market.
All of these factors will have an impact on the way firms are trading today. To understand more about what the market thinks, come and join the discussion.