Tablet Computing Looms Large in London Markets

The London insurance markets have seen the future of business transactions, and its name is tablet computing.

This was the message of “From Quill to Tablet: 300 Years of History,” a breakout session at the 2011 ACORD LOMA Insurance Systems Forum yesterday. Speaker Anne Rannie, market operations, Lloyd’s of London, explained that while quill pens still have a ceremonial use at Lloyd’s, the market is “still relying too heavily on paper,” and is “desperately” trying to change that situation. One of the ways in which the market is trying to achieve that goal is through widespread use of tablet computing devices, supported by ACORD standards, she noted.

While the London insurance markets have been transacting business electronically for years, the paper problem was addressed in January 2011 when it started using tablet computers, specifically the iPad, said co-presenter Phil Hill, operations director of BMS Group, a reinsurance and risk solutions intermediary. As a result, he noted, his group was able to place 100% of 43 risks electronically for the Port of Jamaica. “There were no IT staff involved in the process at any stage,” he said.

Many London market insurers use the RI3K platform, he said, because it allows access to virtually all the insurance markets there. During negotiations with brokers and underwriters, “Changes are made immediately in front of the brokers on the iPad,” he explained.

Hill said the iPad is an “agent of change, a very successful unit for us.” The tablet form factor provides simple Web access, ease of use (little training required), common computing platforms, and a single version of the truth, he added. He also noted that iPad apps specific for the insurance business are being developed, but that a number of “free” apps, including NOAA Weather, Hurricane Tracker and QuakeWatch, provide valuable information to insurance market users.

Acknowledging the well-known problem of data security for tablets, Hill said the iPad “is not a secure device.” Instead of providing such security, however, users depend on the security capabilities of the systems accessed by the wireless devices. He emphasized that the tablet form factor enables face-to-face negotiations and communications between business partners while offering “massively increased” information accessibility.

In order for tablet computing to succeed as a business tool, said Hill, the infrastructure of a given area must provide very effective wireless communication. “There’s also a concept change from documents to information”—that is, real-time information rather than static documents. “We’re all going to get used to working in real time,” he stated.

Hill also mentioned that Lloyd’s is working on its own insurance app for tablet devices, but had no timetable for that product’s development.  

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