16 February 2015
Jeffrey to lead LMA’s delegated authority project
Paul Jeffrey, formerly binding authority group manager with Kiln, has been appointed by the Lloyd’s Market Association (LMA) to lead its work towards overhauling the market’s processes for delegated authority underwriting.
Reporting to Rob Gillies, director - market processes, Paul’s role includes working with Lloyd’s to develop a new process model for delegated authority business.
The work is being driven by the huge advances in technological capabilities since the start of delegated authority business in the 1960s and the need to create a platform on which Lloyd’s can grow its delegated authority underwriting through improved customer service.
Paul Jeffrey said: “Many of the processes we’re using to write delegated authority business date from 30–40 years ago when paper was still prevalent. In many respects, it is as much a cultural change for the market as a physical change.
“The reporting relationship between the Lloyd’s underwriter and their coverholder needs to be improved to provide greater granularity of data. This will ensure that insurers continue to meet regulatory requirements and provide the headroom needed for growth. Regulators around the world are looking for a deeper understanding of our delegated underwriting activities and we need to be able to supply the necessary data.”
Paul has almost 30 years’ experience in the London market including roles with Aon, Kiln and more recently, Brit.
With over 30 per cent of Lloyd’s market business being conducted through binding authorities, changes to these processes will have a significant benefit for the Lloyd’s community.
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Notes to Editors
For further information please contact:
James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405
T 020 7623 2368
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £26 billion per annum.
For more information visit: www.lmalloyds.com