Lloyd's to wield stick over process reform
Richard Ward, chief executive of Lloyd's has warned brokers and underwriters the market may mandate the use of electronic claims files and accounting and settlement if its targets are not met. In a "dear CEO" letter today, Mr Ward reiterated the points made by Dane Douetil, Chairman of the market reform group who wrote to members on Friday complaining of poor take up.
Mr Ward's letter states: "The published Market Reform Group (MRG) targets for A&S take-up are 40% by end of Q2, 60% by end of Q3 and 80% by end of Q4 2007. The market’s current use of A&S is 17%. This
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