Any concerns that face-to-face transactions in the London market would disappear with electronic transactions are being allayed with placement of the first electronic, fully placed contract—a property facultative deal—via iPad and the Message Exchange, BMS said.
Steve Knight, BMS direct & facultative director, walked into Lloyd's in mid-January, met with Catlin Syndicate's Michael Davern at their box, and "within minutes had refined and placed a contract using the RI3K platform on his iPad," according to BMS.
"The introduction of the iPad allows us to maintain the hugely important tradition of face-to-face contact in the London market," Mr. Knight said in a statement. "There was a concern that this would be lost with increased use of electronic placing. Now we have the initiative and tools which mean we can retain the contact while making the whole process exponentially more efficient."
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