Brokers to swap paper for iPads

THE world's leading insurance market Lloyd's of London is set to replace its centuries-old brokers' trademark loose-leaf slipcases with the latest high-tech gadget.

Lloyd's is trialing the Apple iPad as a replacement for the flimsy leather sheaths which are practically part of the uniform amongst London's Fenchurch Street underwriters and brokers.

They criss-cross the floor, visiting underwriters at their desks as they try to persuade different insurers to provide a share of the protection their clients desire.

Brokers often have to wait in long queues to see an underwriter. The slips are written up, signed and rubber-stamped by underwriters when cover is agreed. But each party must still enter the policy details in their own systems and check for discrepancies later.

The three brokers involved in the iPad trial - Marsh, Cooper Gay and RK Harrison - hope that Apple's tablet computer will be able to carry all the documents that a broker needs to negotiate with underwriters, allowing both parties to review documents and annotate them where required.

Sue Langley, Lloyd's director of market operations, said it was a next step in applying technology in the market.

"By simply replacing the paper with something easier to carry, but which allows amendments and links to other services, we continue to support the underwriting and face-to-face negotiation that makes Lloyd's unique," she said.

Martin South, chief executive of Marsh UK, said his company was "committed to ending the inefficient practices that remain in the London insurance market".

About 30 brokers will initially take part in a trial expected to last about three months.