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News focus - Lloyd's pulls plug on multi-million Kinnect deal.
(From Reinsurance)
Lloyd's has decided to withdraw funding for the Kinnect programme after a review.In a statement, the Lloyd's Franchise Board said it had decided the platform was not optimal in ensuring more efficient business processes for the Lloyd's and London market, and therefore it will close.
The decision was explained in a letter to customers sent by Michael Dawson, interim director of Kinnect: "When I wrote to you in December, following the 15 December Franchise Board meeting, I committed to update you on developments regarding Kinnect. I am writing to inform you that following the Kinnect Board's recommendation, the Franchise Board has agreed not to fund the Kinnect platform going forward. They have decided that the platform was not optimal in ensuring more efficient business processes for the Lloyd's and London market, and as a result it will close.
"Obviously, as an operational platform, the closure will be completed through a phased approach and in an orderly manner. Every opportunity will be given to allow customers to complete transactions and/or extract data from the platform. Kinnect account managers will be in contact shortly to agree details of the closure and answer any questions you may have.
"The decision has been taken in the context of the wider review of the Franchisor's role, as part of the Strategic Plan and comprehensive analysis of the options for electronic trading. The initial development of Kinnect was driven by the need to ...
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