Lloyd’s brokers test iPad financial technology

7 September 2010

Brokers at Lloyd's of London are to test out the iPad as an alternative to underwriting slips.

According to reports, the firm will collaborate with brokers Marsh, Cooper Gay and RK Harrison Group to carry out the trial.

Up to 30 brokers are to initially participate in the three month trial, although more are expected to join in once it has begun, the Financial Times reported.

The iPad will be tested as a replacement for the traditional underwriting slips - brokers will use them to take electronic copies of documents for review and annotation.

Sue Langley, Lloyd’s director of market operations, told the newspaper: “This is a small, simple pilot - literally an iPad ‘out of the box’.

“By simply replacing the paper with something easier to carry, but which allows amendments and links to other services, we continue to support the underwriting and face-to-face negotiation that makes Lloyd’s unique.”

Martin South, chief executive officer at Marsh UK, added that the scheme has the full support of his firm.

He stated: “We are committed to ending the inefficient practices that remain in the London insurance market.”

By Jim Ottewill

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