You might be asking yourself ‘what’s a Londonism?’

Simply put, a Londonism is a difference in the way that business is processed in London compared to other markets, such as Bermuda, the US and Continental Europe.

In 2008 Market Operations, supported by the Market Reform Office, started work on a project to analyse Londonisms, trying to capture them all in one place and determine whether they actually add value.

The motivation behind this project was to identify why processing business in London is perceived as more difficult than in other markets.

This in turn would allow us to tackle individual problems and ultimately encourage more high-quality business to be placed in London.

To achieve this we needed to:

• Identify and analyse where ‘Londonisms’ add positive value and ensure that this value is communicated to the market
• Identify and analyse where ‘Londonisms’ have a negative impact and are creating a burden on the business; and agree a way to remove these over time

A project team was created to identify the Londonisms and determine whether they were positive or negative.
The team was made up of representatives from insurers (from both Lloyd’s and companies markets; and of varying sizes), brokers, the LMA, LMBC (now LIIBA), IUA, ACORD and Lloyd’s.

The team spent a considerable amount of time and effort considering and detailing as many Londonisms as possible, to the point where everyone was confident that we’d captured most, if not all, of them.

In total we identified 51 Londonisms and held a number of reviews to discuss the value of each. We found approximately half of the Londonisms are negative and, therefore, need resolved.

Performing this exercise gave us a much better understanding of the issues to be resolved in the London market and brought us closer to achieving the requirement to transact business in London like any other broker or insurer would elsewhere in the world.

However, the Londonisms project doesn’t stop there: the findings are now being fed into the Future of Central Services project. More on that project in the near future.

A way to save time in keeping up to date
I’m sure you all like to keep up to date with the latest blogs and news on lloyds.com but do you find it takes a long time to find the relevant website or page, or you’ve missed something as it has moved off the front page before you got to it?  Have you thought about using an RSS feed? Once setup you will be able to have all the websites and pages you are interested in one place and at a click of a button.  The websites and pages are then automatically updated with the latest information without you doing a thing!  Never miss an important event again!

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Click the link below to find out more about what an RSS link is, how it works and how to set one up.

http://www.lloyds.com/News_Centre/RSS_feeds.htm

Tags: ACORD, Lloyd's Exchange, Londonisms

This entry was posted by Carl Phillips on Thursday, July 30th, 2009 at 3:58 pm and is filed under Market Operations.