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Lloyd’s occupies sites in both London and Chatham.
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+44 (0)20 7327 6125Out of hours calls:+44 (0)7659 597 825
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How can electronic messaging improve customer services?
Electronic messaging can benefit customers by improving:
As significant levels of data and documentation are increasingly produced and sent electronically, there is potential for improved documentation to the client with fewer errors, touch points, greater consistency and better presentation, thus aiding contract certainty.
As a result of greater availability of management information and the ability to track the progress of a risk, the client will benefit from an enhanced level of communication and a greater level of transparency over the process.
Focus on value-add services such as risk management and product design
Faster distribution of data and documents
Information and documents are delivered direct to underwriters and brokers in real time:
Eliminate rekeying, reduce rework and queries
Where integration has occurred, ACORD messages can update broking / underwriting systems with placing information and documents can be delivered directly to company document repositories.
Better use of resources
These efficiencies mean expensive resources are freed up;
Technology is key in supporting the increased regulatory scrutiny all financial services companies now face. Depending on the connection option, electronic messaging can help support enhanced business processes / controls and reduce operational risk through:
These are all key drivers in supporting regulatory compliance with Solvency II, data protection and transparency rules; better quality and more accurate data available faster and more securely.
A key driver for reform in the London Market is competition from other markets. These markets are not entrenched with long standing processes and practices and can react quicker to evolving client needs. Electronic messaging enables London to support its traditional face to face business with more efficient ways of working.
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