A persistent operational bottleneck in the London market, the slow settlement of fees owed to specialist surveyors, is being addressed through a new industry initiative launched today.
The Lloyd's Market Association (LMA), the International Underwriting Association (IUA) and the London & International Insurance Brokers' Association (LIIBA) launched the Fee Payment Enablement Scheme on 24 June 2026. The initiative is designed to accelerate the settlement of surveyor and expert fees, clear a backlog of aged invoices and support the continued availability of specialist survey services across the London market.
The underlying problem has been structural. Fee collection agents handling payments on complex, multi-underwriter placements have often been unable to obtain accurate information on individual underwriters' shares, preventing valid payment requests from being submitted. Unpaid invoices have accumulated as a result, placing financial pressure on the independent surveying firms the market relies on to assess high-value and specialist risks.
At the heart of the scheme is a set of contractual and process changes to the existing service agreement with Velonetic, the technology services organisation that provides London Market Central Services. The changes allow Velonetic to share key underwriting data with authorised fee collection agents where submissions contain incomplete or incorrect information, enabling agents to validate and resubmit payment requests more efficiently.
The LMA established and led a cross-market working group to develop the scheme, with input from Velonetic and support from the IUA and LIIBA.
The scheme was piloted in the first quarter of 2026 with the LMA and IUA Joint Specie Committee, which covers fine art, jewellery and high-value portable items, alongside LIIBA's Fine Art and Specie Committee. Results were significant. One fee collector recorded a 75% reduction in outstanding invoice value, according to the LMA. The pilot also improved consistency across submissions and enabled the resubmission of previously rejected requests relating to aged invoices.
Shazia Rennison, committee secretary of the Joint Specie Committee in London, said the pilot had delivered tangible benefits.
"The pilot with the Joint Specie Committee has shown clear, measurable benefits, with faster settlement of fees and reduced administrative friction. This scheme provides a practical, scalable solution that supports both market efficiency and the resilience of critical third-party services."
Joe Brace, operations director at the LMA in London, said the results demonstrated what cross-market working could achieve.
"This initiative demonstrates what can be achieved through genuine cross-market collaboration. By addressing the underlying data and process challenges that have historically slowed payments, we are helping to improve certainty for surveyors and ensure the London market continues to benefit from their expertise as a valued part of our complex ecosystem."
Kim Darrington, director of market operations and transformation at the IUA in London, said the initiative removed a meaningful administrative burden.
"One of the great strengths of the London market is its depth of expertise provided by a wide selection of specialist insurance support services, but in order for this complex ecosystem to work efficiently, communication is vital. This new initiative will remove administration burdens and improve IUA members' engagement with surveyors and other experts across our industry."
For Lloyd's and company market underwriters, the practical effect is a faster and more efficient fee settlement process. Specialist surveyors, who provide pre-risk assessments for complex classes including specie, marine cargo and liability risks, have long faced cash flow uncertainty as a result of payment delays, raising concerns about the long-term availability of experienced practitioners in those lines.
The three associations have confirmed the scheme will be extended to other market segments where similar challenges exist.
