New service reporting on the timing of broker premium payments is taken up at Lloyd's
A new service that reports on the timing of broker premium payments could be used by half of all Lloyd's managing agents by the end of the year.
JMD Specialist Insurance Services has been issuing monthly and quarterly reports so underwriters and brokers can benchmark premium collection and payment performance against the market. Chief executive John Dewen said the service has been running for three months and was already being used by at least a quarter of managing agents at Lloyd's. He aimed to have half of all managing agents using the reports by December.
Dewen said: "Ongoing measurement and monitoring of premium processing and payment is important to both insurers and brokers. In the current climate of market reform, it is essential to understand the impact that market changes are having on the premium cash flow."
JMD, which is working with insurance processors Xchanging, files the reports electronically.
Adam Rushin, chief operating officer for Hiscox Global Markets, said: "We welcome the JMD reports which bring greater transparency to the premium payment process."