Whilst electronic trading was the direction of travel for the London Market, it such a shame that the technology was not embraced more fully, much earlier, and that such a tragic event as this pandemic is the wake-up call for market modernisation and accelerated adoption.
But modernisation is still missing common data standards and full integration capability. In my opinion, key elements to truly make this work and accelerate adoption. After all, why would someone want to log in to different portals to key in the same data over and over again!?
Crucial investment should be directed to technology investment now, but let the technologists drive this part of the initiative and not run this by committee.
LONDON — Thousands of London’s underwriters took their stamps and fountain pens home last week, which they use to sign insurance contracts, but they won’t need them. Working at home due to the coronavirus lockdown, they have abandoned the normal tools of their trade and are turning to email and other electronic systems to agree terms with the brokers who put business their way.