Throwback Thursday: Lloyd’s IT update & General Accident’s anniversary
Insurance Post’s Throwback Thursday steps back in time to January 1985 to remind you what was going on this week in insurance history when Lloyd’s introduced a new computer system and General Accident celebrated its 100th birthday.
24 January 1985: Lloyd’s new computer system
A new computer system for the Lloyd’s underwriting market was launched, with promoters claiming it was the first to embrace all stages of business “from the box to the back office.”
The system, called Lines, was launched by Astral Computer Services, which claimed to service about 20% of Lloyd’s syndidates’ “statistical and revenue needs.”
The system based on IBM equipment was expected to make it easier to reconcile “box” records with those kept by back-office administration.
General Accident turns 100
General Accident celebrated its 100th year by renaming its life subsidiaries and entering the unit linked market for the first time.
English Assurance was renamed General Accident Linked Life while Yorkshire General became General Accident Life.
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