The International Underwriting Association (IUA), which represents companies in the London insurance market, has formed a new committee to oversee the adoption of digital services.
As part of the Blueprint Two initiative, a unified digital platform for processing premiums and claims is being developed, with the first phase set to launch in October 2024.
The IUA’s Cut-over Review Committee will meet at least monthly until the transition to the new digital processing services is completed.
An introductory meeting was held last week, and the first official meeting is scheduled for July.
This committee will assess the readiness of the London company market and its technology partner, Velonetic, for this transition, and will report to the IUA Board to ensure there are no barriers to implementing the new digital services.
“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,” commented IUA Chief Operating Officer Louise Day.
“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,” Day further added.
