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The London market 2007 survey: please join in

The failure of previous ventures has given the London market a certain notoriety for its inability to embrace new processes and methods of doing business. But is this fair? And, more importantly, are we finally seeing some real progress, as the recent Lloyd’s upgrade by Standard & Poor’s might suggest?

A year ago The Insurance Insider surveyed its readership on the state of London's processes in the wake of Kinnect’s demise. Was it, as some suggest, a clear blot on the market’s landscape; the cause of cost and service inefficiencies between London and other centres, such as Bermuda?

If so, are you impressed with what has happened in the past 12-18 months? After all, the London market has successfully embraced contract certainty under the watchful eye of the Financial Services Authority.

And Lloyd’s says it is committed to transforming itself into a low-cost insurance exchange as part of a vision of becoming the “platform of choice”. Is this a factor in the market’s 2007 capacity hitting a record high of over £16.1bn?

Independently, the G6 has emerged and encouraged “peer-to-peer” electronic trading and progress has been made on market-wide repositories for claims, wordings and accounting and settlement. Carriers and brokers alike would appear to have more choice than ever before.

Meanhile brokers, such as Aon Ltd, have agreed to outsource their back office in a bid to reduce their embedded legacy costs and improve efficiencies.

But is this leading to superficial, or profound, change?

The Insurance Insider’s 2007 market survey, in association with ImageRight, will gauge the views of senior industry figures on the competitiveness of the London market. It will take less than five minutes to complete and will be the perfect opportunity to measure the pulse of the London market.

Your views count! And to encourage your participation we are offering a bottle of Laphroaig whisky to be delivered to the first two respondents randomly drawn following the closing of the questionnaire on the 2 May. The two winners will be contacted directly and will also be published on page 2 of the May edition of The Insurance Insider.

Please click here to take part in this year’s survey.

All responses will be treated in absolute confidence. Your details will not be passed on to any third party, nor will any comments be accredited.

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