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IT systems in the London Market

Navigating the acronyms for simple decision, which system?

The London Market is a strange beast and its legacy and uniqueness is something that flies in the face of straight forward computerisation. The jarring of the speed of change and the time it takes to code and test in a heavily regulated environment coupled with the expectation that software is a 56p download off itunes has meant particularly in the Broking sector in the London Market the suppliers have come and gone as they have experienced this and many other challenges.

 

Now a knowledgeable IT consultant/sales person assisting a client to upgrade and install a new system has to have a far wider scope of skills than in the past. They would be required to understand the finer details of CASS5 and FRS5g, How a Proportional Treaty works, the role of a section and the different types of commission that can exist, the processing differences between Binder and Lineslips, Wholesale or in-house and the different legal relationships that exist in these arrangements. The acronyms of one industry is always a challenge to an outsider, ADSL, SCSI, HDMI, ARM, ISP, ASP, SAS...... there are over 300 listed on wiki alone! but then Insurance has its own, and more for the London Market, LPAN, LCCF, ER3001, K&R, RMAR, LMC, LMG, LiiBA ....

 

So the IT professional in the London Market has to be a source of knowledge on a myriad of topics from screen resolutions and formats of disk mirroring configurations to FCA and Lloyd's compliance and reporting requirements.

 

In fact in some ways the IT bit is the least of the worry! We can all exist in the Cloud (The internet!) and we all have Synergy, think outside the box and, well basically promise the earth.

 

But here is the good bit, some of us actually do spend the time to listen to those in the know, involve the skills of the clients in a collaborative approach to development and actively promote their team to study the intricacies and peculiarities of the industry they serve and prove they have done so by passing exams.

Integrated back office systems fell out of favour in the 90's and 00's now the path of a plethora of systems all loosely made to talk to each other has been a well trodden one there is a strong move to concede computers are good at bringing together data from a variety of sources, cross reference and report on that. If a claim needs to be tested as to its validity then the risk information has to be in the same system. If the profitability of an account is under review then the income must be able to be compared to the expenditure. And the virtual "underwriting file" should contain all documentation, emails, scans, images and correspondences, in the same place as the data on that risk or claim. And all this needs to confirm to the processes as set out by the regulatory bodies, TOBA's, Sanctions checking and Contract Certainty all playing their part on the single set of data.

 

So if you want to engage a team of highly skilled IT professionals that have done nothing else but serve the London Market for 30 years, who can talk your language in an honest and open manner and tell you as it is....you have found the team that can deliver.

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