Lloyd’s has rolled out a new digital distribution platform to make it convenient for its underwriters and insurance businesses to connect with each other.
The online platform, dubbed Lloyd’s Bridge, is capable of matching insurance businesses with underwriters from the Lloyd’s market. This, Lloyd’s said will allow insurers to underwrite certain policies on behalf of Lloyd’s as its coverholders.
Lloyd’s chairman Bruce Carnegie-Brown said: “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 announced that Lloyd’s Bridge is a pilot program that will be available initially in the UK, Australia and New Zealand.
The specialist insurance and reinsurance market plans to extend access to the digital distribution platform to additional markets in 2019 as part of a worldwide launch.
Lloyd’s chief commercial officer Vincent Vandendael said: “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.”
Lloyd’s Bridge is one of the latest moves from Lloyd’s to utilize technology to deliver even better customer service, improve underwriting decisions and increase the efficiency of operations.
The London-based insurance market had recently decided to make the use of electronic placement mandatory with a majority of business to be placed electronically by the end of 2019.
It is also in the process of establishing a new innovation accelerator known as the Lloyd’s Lab, and has initiated a global recruitment drive for leading tech talent.
Lloyd’s also revealed its intentions to launch a new underwriting portal that will allow coverholders to quote, underwrite risks and issue policies on behalf of Lloyd’s syndicates.