Lloyd's, the world's insurance and reinsurance market, has launched a new digital distribution platform -- Lloyd's Bridge.
This is an online platform that matches insurance businesses with underwriters from the Lloyd’s market enabling these businesses to underwrite certain policies on behalf of Lloyd’s as Lloyd’s coverholders.
The pilot programme will initially be available in the UK, Australia and New Zealand. Access will be extended to more markets throughout 2019 as part of a global roll out.
Mr Bruce Carnegie-Brown, chairman of Lloyd’s, said, “All over the world Lloyd’s has an enviable reputation as the leading insurance marketplace and it remains the most sought-after destination for insurance solutions. In an age of digital disruption, however, our partners in both established and fast growth markets are increasingly looking for new ways to access our market.
“Lloyd’s Bridge offers the ideal platform to do this quickly, easily and efficiently. It will enable coverholders in different parts of the world to benefit from easier access to Lloyd’s expertise, underwriting talent, significant capacity and financial security.”
Lloyd’s Bridge is the latest in a series of moves to use technology to create opportunities for Lloyd’s to provide even better customer service, enhance underwriting decisions and make operations more efficient. Already this year, Lloyd’s has decided to mandate the use of electronic placement with 80% of business to be placed electronically by the end of next year.
Lloyd’s also announced the establishment of a new innovation accelerator, the Lloyd’s Lab, and launched a global recruitment drive for top tech talent.
Lloyd's also has plans to launch a new underwriting portal that will enable coverholders to quote, underwrite risks and issue policies on behalf of Lloyd’s syndicates. More details will be confirmed on this initiative in due course, says Lloyd's in a statement.
Mr Vincent Vandendael, Lloyd’s Chief Commercial Officer, added, “Lloyd’s is the global insurance market and it has doubled in size since 2000. We know that more and more business is being placed locally. Currently, around 30% of Lloyd’s premium is placed through coverholders – local insurance business writing policies on behalf of Lloyd’s – and we are keen to continue to invest in this way of doing business.
“As we continue to grow and expand our international business, we are committed to enhancing the service and access we provide to our customers’ changing needs. By providing coverholders with quick and easy access to our market, Lloyd’s Bridge will transform how we do business at Lloyd’s.”