It’s not often that particle physics and Post Magazine meet on the same intellectual plane but today, these two were intrinsically linked by the ‘news’ that the Lloyd’s insurance market still won’t use computers to do business. In a report so often heard, it seems that despite obvious progress – policy adjustments, endorsements and a small amount of e-trading enabled – Lloyd’s remains a very paper-based place.
As a result, it is likely that in 2010 the insurance market will be overtaken by mankind’s search for limitless energy through nuclear fusion as this report from Radio 4’s Costing the Earth explains.
Post’s feature about Lloyd’s market reform hits the right tone between enthusiasm for the achievements made so far by the London Market group, and a healthy skepticism from those who think the market’s heart isn’t really in it and that electronic trading is still a fantasy.
But it really is a shame that the market appears to be dragging its heals on process reform as a further story today has reported how London has fallen to third in the global league table of international insurance marketplaces, behind Hong Kong and New York.
Let us pray the market doesn’t fall any further behind the world of scientific discovery; it would be embarrassing to see a day when brokers can teleport into the underwriting room at Lime Street only to be forced to wait for five hours behind a queue of people weighed down in paper.