By: Newsroom - January 18th, 2011
Steve Knight, BMS Direct & Facultative Director and Adrian Hicks, Broker, walked into Lloyd’s, met with Catlin Syndicate’s Michael Davern at their box and within minutes had created, refined and placed a contract using the RI3K platform on his iPad – face to face broking in the simplest and most efficient form possible.
BMS has been working with Lloyd’s on its iPad initiative, alongside RI3K – the paperless trading service for the insurance and reinsurance industry – to integrate the implementation of the new technology within the London market. BMS are leading the way with their use of RI3K, the iPad and the London Exchange to establish the ideal electronic trading platform for the London market.
Steve Knight said: “At BMS, we realised that the introduction of the iPad would allow us to maintain the hugely important tradition of face to face contact in the London market. There was a concern that this would be lost with increased use of electronic placing. Now we have the initiative and tools which mean we can retain the contact whilst making the whole process exponentially more efficient.
No longer will brokers have to shoulder heavy briefcases of files over to Lloyd’s, they can be nimble and flexible with only 1.6 pounds of iPad, which is all they really need in the market. Business can happen anywhere; using this system, a contract can be created on the train on the way to work as was done so this morning by my colleague, Adrian Hicks. It has changed the way we work dramatically.”
The BMS Direct & Facultative team have been using the RI3K technology for some time providing the perfect tool for facultative business, where instant pricing is vital and RI3K has revolutionised the process. This further development is a step change, enabling face to face electronic trading with no recourse to paper files or rekeying on either side of the transaction.
There is a feeling that there is genuine potential for the London market to embrace and recognise the need for the technological modernisation of trading practices.
BMS have been working closely with RI3K for over five years to optimise the electronic process. The welcome acquisition of RI3K by Qatar Insurance Services is well timed.
BMS, alongside Lloyd’s and RI3K, are trading using a sustainable, developed business model with widespread use of the technology which has been fully integrated into business and systems processes. In the past electronic trading has relied on paper copies of contract information to support the process. This new step is entirely electronic.
BMS has a tradition of being involved with market technological innovation and has plans to roll out the platform across the entire BMS Group in time. In addition to the Facultative business, BankServe Insurance Services is due to go live on the system imminently. This strategy complements the BMS vision of being dynamic and leading the market, with its agility to respond and be ahead of market needs.