NU Online News Service, June 8, 3:20 p.m. EDT
Lloyd's of London has joined the Retail Agent E&S Initiative–an effort to improve the electronic transfer of data from managing general agents in the United States to the London market.
The Retail Agent E&S Initiative is a collaboration of the Independent Agents & Brokers of America's Agents Council for Technology (ACT), the American Association of Managing General Agents (AAMGA), the National Association of Professional Surplus Lines Offices (NAPSLO) and ACORD (the Association for Cooperative Operations Research and Development).
"We are pleased to add Lloyd's to the list of U.S. retail agents, brokers, MGAs, carriers and vendors currently involved in the process," said Angelyn Treutel, Retail Agent E&S Initiative co-chair and vice president of the Treutel Insurance Agency in Bay Saint Louis, Miss., in a statement. "Our goal has been to ensure that all components of the transaction are involved in our discussions and Lloyd's joining the process helps us meet that goal."
Lloyd's role is to coordinate efforts to improve the efficiency of electronically transferring data from MGAs in the United States to the London market.
"North America is an important component of business for the London market, and Lloyd's is working on improving the electronic transaction of data on both binding and open market business, and thus believes it is important to be part of this joint industry group," said Adam Stafford, senior project manager of Lloyd's market operations.
The group also announced that it will sponsor the following free webinar in which Lloyd's would present its current proposals to standardize data collection from its MGAs in the U.S.
The one hour webinar titled, "Lloyd's of London US Distribution Initiatives – Standards and Technology," will be held on July 13 at 11 a.m. EDT.
Participants will include Mr. Stafford and Sarah Thacker of Lloyd's of London; Mike Roy of CRC Insurance–Alabama; Ms. Treutel; John Deibler of JBD Consulting and Jeff Yates, executive director of ACT.
Registration for the event and additional information are available.
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