JMD Specialist Insurance Services (JMD) has joined forces with Xchanging to produce a complete set of focused monthly and quarterly reports so underwriters and brokers can monitor key performance indicators for premium payment, vital in the current climate of market changes. The launch of the new premium payment processing system follows a wide-ranging initiative by the LMA, IUA and LMBC to deliver accelerated premium payment throughout the London Market.

These reports are produced using premium data processed by Xchanging. Comparisons to overall London Market performance are provided so that underwriters and brokers can benchmark their premium collection and payment performance against that of the market so areas of concern can be identified and dealt with quickly.

John Dewen, CEO of JMD, said: "Ongoing measurement and monitoring of premium processing and payment performance is important to both insurers and brokers. In the current climate of Market Reform it is essential to understand the impact that market changes are having on premium cash flow."

Julie Lynch, Director of Service at Xchanging, said: "Payment reports are a vital aid to improving the market's fiscal housekeeping and our joint initiative with JMD will undoubtedly help improve processing for practitioners."

Adam Rushin, Chief Operating Officer for Hiscox Global Markets (Lloyd's), added: " We welcome the JMD reports which bring greater transparency to the premium payment process. The reports will mean Hiscox can benchmark our premium collection and our broker partners' payments against that of the market and identify and implement any remedial action that may be necessary.

For further information please contact:

John Dewen, CEO of JMD on 020 7375 9700 or e-mail: john.dewen@jmd-sis.com or

Andrew Driver, Impact Media on 07767 662799 or e-mail: ad.impact@gmail.com