Media Release 26 June 2024
IUA DETAILS SUPPORT FOR ADOPTION OF LONDON MARKET DIGITAL SERVICES
Details of a dedicated company market support programme for the adoption of new digital processing services in the London Market have been published by the International Underwriting Association.
Last week the target cutover date for switching to phase one of the single digital platform under the Blueprint Two project was postponed. The decision was taken to ensure that the change can be conducted safely with ample time for training and testing.
The IUA is one of three shareholders of the London Market’s technology partner Velonetic. Recognising this important position, the association has been working to help its members prepare for the new digital services with a strategic programme that provides support, focussed on the needs of the company sector. This was launched in January this year and to date has seen:
• 30 customer organisations signed up to Customer Coordinated Testing (CCT)
• 33 customer organisations registered interest in Enhanced Testing
• 995 users enrolled for Instructor led training sessions
• 9946 users registered on the Learning Management System (LMS) for self-paced learning modules
In addition, two company market presentation events have been organised with over 100 attendees.
Louise Day, IUA Chief Operating Officer, said: “Taking time to ensure that the cutover to new digital services is conducted safely and smoothly is the correct approach. There are huge benefits to be reaped from a digital marketplace, but there is much work to be done to get there.
“The IUA’s dedicated company market support programme has already helped many firms in their preparations. It is important that this momentum is maintained, and we look forward to more testing and training being conducted in the months ahead.”
Blueprint Two progress is also being monitored by an IUA Cutover Review Committee which met for the first time earlier this month. The group reviews information about the readiness of the London company market, and Velonetic to make the switch and provides advice to the IUA Board.
It will continue to meet at least monthly until the cutover has been achieved and is comprised of senior practitioners with expertise in information technology and security, digital transformation and business processing.
Ends
Contact:
Scott Farley
Director of Communications
International Underwriting Association
Tel: 0207 617 4449
Mobile: 07921 699 218
E-mail: scott.farley@iua.co.uk
Notes to Editors:
About the IUA
The International Underwriting Association of London (IUA) is the representative body for companies in London providing international and wholesale insurance and reinsurance coverage. Its mission statement is to secure an optimal trading environment for London insurance companies.