Xchanging signals end for paper policies at Lloyd's
The Market Reform Group (MRG) has announced that with effect from 1 March 2009, all requests for a policy will be submitted to Xchanging electronically via the Insurers' Market Repository.
The e-policy service has been available from Xchanging for approximately eighteen months and more than 10,000 policies have now been produced electronically. In January, 79% of policy submissions were made electronically.
Willis, who piloted the service, said that the service saved between five and seven days on the end-to-end process of getting a policy to their client.
A key target of the MRG is to reach full usage of this service, with paper only used for those few cases where it is a genuine
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