The London Market Reform Group (MRG), the senior body involved with market modernization initiatives, is expanding on a new system to speed up the endorsement process, brokers said.

In the London Market there are currently, on average, three endorsements for every contract and each endorsement must be evidenced in writing and agreed face-to-face, making it one of the most time-consuming areas of work within the sector.

Willis Group Holdings, insurance brokerage has been leading and managing a key project to address the issue–a marketwide endorsements pilot using e-mail–since May of this year.

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