Throwback Thursday: Cue’s success and Lloyd’s IT puzzle
Insurance Post’s Throwback Thursday returns to February 1995, reminding you what happened this week in insurance history, when Cue was already spotting fraud, and Lloyd’s was struggling with IT.
2 March 1995: Cue for instant success
Barely two months after launching, the Claims & Underwriting Exchange – known as Cue – was scoring support from insurers.
General Accident found 5% of new business that would previously have been accepted was being rejected or substantially modified after Cue uncovered previous claims.
Cases caught by the system included a broker who submitted a false proposal form on behalf of his mother.
Lloyd’s electronic puzzle
Brokers at Lloyd’s faced an uphill struggle in attempting to decide which electronic placing system software to buy, research revealed.
With less than 10 months to go before electronic placing became compulsory for Lloyd’s brokers, systems consultant Roger Banks found software providers were struggling to answer questions market participants needed answers to.
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