By: Newsroom - January 17th, 2011
The placement of the first electronic, fully-placed contract via iPad as well as the Message Exchange took place today marking another step forward in the fast-paced technological advancements in the London Market.
Steve Knight, BMS Direct & Facultative Director walked into Lloyd’s today, 17th January, met with Catlin Syndicate’s Michael Davern at their box and within minutes had refined and placed a contract using the RI3K platform on his iPad – face to face broking in the simplest and most efficient form possible.
Leading independent broker BMS has been working with Lloyd’s on its iPad initiative, alongside the Qatarlyst owned RI3K, to integrate the implementation of the new technology within the London market. BMS are using RI3K, the iPad and the Exchange to establish the ideal electronic trading platform for the London market.
Steve Knight said: “The introduction of the iPad allows 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 or over a coffee. It has changed the way we work dramatically.”
Lloyd’s Director of Market Operations, Sue Langley said: “It is great to see so many steps coming together with the risk placed on an iPad in the Room, sent directly over the Exchange into a Managing Agent’s system and back into a Broker’s system. Face to face and technology – the perfect partnership.”
RI3K’s Market Place Director, Robin Merttens said: “BMS are the first to have grasped the power of RI3K and an iPad. Their brokers don’t feel threatened by the technology but empowered by it. They now carry around an e-slipcase loaded with all their placing information and by email and integration are connected to the people and systems they need to access. So now they can spend more time on face to face negotiations and value added services while the technology does the rest.
It also makes the acquisition of RI3K by Qatarlyst look well timed. With the long term financial support they give us we can now spend time with Lloyd’s and the other reformists leveraging this approach to increase the volume of endorsements and then placement messages destined for the Exchange.”
Catlin underwriter Michael Davern said: “At Catlin we strive to make life easier for brokers. Placing risks via an iPad promises to add both speed and flexibility to the traditional broker-underwriter relationship. Technological advancements like this optimise the way in which the market works.”
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.