IUA creates committee to deliver shared London company market digital services by October
The International Underwriting Association (IUA) is creating a new committee to ensure that the London company market is ready to fully switch to its first set of shared digital services by October.
It will advise the IUA board that the market is ready to cut over to phase one of digital premium processing and claims services under the Blueprint Two programme. This programme will create a single-digital placement and claims service in the London company market.
The IUA’s Cut-over Review Committee will review information about the readiness of the London company market, and its technology partner Velonetic, to make this switch. It will advise the IUA board so it can be assured there is no reason to recommend not cutting over to the new services by the October deadline.
IUA chief operating officer Louise Day said: “The transition to a digital marketplace in the world’s largest insurance hub is a vast and complex undertaking. There are huge potential benefits, with placements, claims and settlement set to operate faster and cheaper.”
“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,” she added.
The new committee will meet at least monthly until the switch has been achieved. An introductory meeting was held last week and the first official meeting is scheduled for July.
The group is comprised of senior practitioners with expertise in information technology and security, digital transformation and business processing. It is chaired by Theo Butt, CEO at Convex Insurance UK, who is a member of the IUA board and the association’s deputy chair.
