More than 80 organisations have opted to sign to LMP2001 -
Next Workshops April 5, 2001
London, 26th March 2001 – The UK’s insurance and finance sectors’ enthusiasm towards the London Market Principles 2001 (LMP2001) programme is further testimony to its increasing openness to embrace change, John Bobin from leading business IT services company Rebus iS said today.
Rebus iS and the LMP2001 Programme Office’s attracted more than 120 people to its latest workshop, which was held to help organisations to gain a full understanding of the impact of the London Market Principles 2001 (LMP2001) programme.
Due to the high demand, the next interactive workshop will be at Lloyd’s on April 5. To date, about 80 organisations have signed up to implement LMP2001 - more than 40 per cent of these are existing Rebus clients.
The London Market Principles 2001 (LMP2001) consists of a series of documents that are the result of consultation with the London Insurance Market and endorsed by Lloyd’s, the International Underwriting Association (IUA) and the London Market Brokers’ Committee (LMBC). The workshops provide an update on the LMP2001 programme, as well as sessions on the practical steps needed in order to make the vision become a reality. The workshops also provide delegates with a platform for discussion with a panel of market, business and IT specialists.
Mr Bobin said that LMP2001 was pivotal to the industry’s growth. “In order for the London Market to remain competitive and to improve service to clients and the market alike, there have to be changes to current working practices,” he said. “ Through the enthusiasm shown at this month’s workshops, it is obvious that the market understands the importance of LMP2001 to its future international competitiveness. It also shows how the industry is embracing change as a necessary part of the market’s evolution into this, its fourth century of trading.”
“In order to move towards the LMP2001 goals, organisations will need to consider the speed, spread and impact of the required changes,” Mr Bobin said. “LMP2001 is not a mandatory imposition. Rather, it seeks to achieve improvements in client and market service, particularly in those areas where the London Insurance Market is deemed to have a poor record when compared with other insurance centres and overseas carriers.”
Rebus iS fully endorses the principles behind the LMP initiative and will continue to run workshops and seminars as the programme develops. Rebus iS is also supporting the LMP2001 programme with a series of consultancy packages designed to make it easy for those signed up organisations to implement the key reforms and to keep up with the new releases as they are rolled out.
Tim Carroll, Chairman of IUA said, "There has been an enormous amount of interest in the LMP2001 Programme sponsored by the IUA-Lloyd's Forum and LMBC. For example, the recent series of Workshops held by Rebus iS were very well attended and the ‘Practical Steps’ that were advocated at the meetings should help Rebus clients to adopt the key reforms in a controlled manner. The workshops were a good example of how the Programme Office is seeking to cooperate with the Market and Systems/Services providers to ensure that LMP2001 proposals are implemented smoothly."
Paul Marks, who leads the LMP2001 Programme Office, said “The Programme Office worked closely with Rebus to create a thoroughly successful series of workshops. This is one example of how service providers like Rebus can help promote LMP2001 and their services for the benefit of the London Market“.
Rebus iS is one of the most exciting technology software companies of the new millennium. Created in April 2000, Rebus iS has acquired a pedigree of innovation, expertise and delivery from Rebus Group's 25-year history. Focused on insurance and financial services, as well as on e-business solutions and managed services, Rebus iS has over 600 employees and annual revenues of nearly £50m. The Rebus Group has offices in the UK, the USA, Bermuda, Germany and Malaysia.
LMP Programme Office
The LMP2001 programme is one of three projects arising from discussions between the IUA-Lloyd’s Forum and LMBC in late 1999 and early 2000. The others are the convergence of LPC and LPSO, and a reform of London’s accounting and settlement procedures. The programme office is responsible for the writing and publication of the books that document the proposed key reforms and the practical implications for business and their IT systems.
The IUA is the world's largest representational organisation for international commercial insurers and reinsurers. Its aim is to ensure that the international market centred on London offers its members a first-class environment in which to do business. The association's membership includes virtually every large and medium-sized international company in the industry. Its horizons stretch well beyond London, representing members to policy makers and regulators in the US, the European Union and the World Trade Organisation talks.
Notes to Editors:
o To attend the April 5 free workshops (Lloyd's is located at One Lime Street, London EC3M 7HA) please contact Janet Baker on 020 7398 3635 or via email firstname.lastname@example.org
o Further documentation (including the "Vision") is available on the LMP2001 web-site: www.lmp2001.com
Carolyn Vicars/Stephanie Ponsford,
Phone – 0207 596 6700 Email – email@example.com
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