Lloyd’s launches new digital distribution platform

Specialist re/insurance market Lloyd’s has launched a new digital distribution platform designed to quickly and efficiently connect insurance businesses and entrepreneurs with Lloyd’s underwriters.

Lloyd’s Bridge 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.

Lloyd’s said it is committed to continuing to grow through the broker distribution channel, with brokers having access to the platform if they act as a coverholder or are acting on behalf of a coverholder.

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 make the Lloyd’s market more efficient.

Lloyd’s has already decided to mandate the use of electronic placement with 80 percent 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.

Furthermore, Lloyd's 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.

Vincent Vandendael, Lloyd’s chief commercial officer, said: “Lloyd’s is the leading 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 percent 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,” Vandendael added.

If you enjoyed this story and have an interest in Insurtech, join us at Intelligent InsurTECH Europe 2018, the only insurtech event with dedicated streams for CXOs, Data/Analytics, and Claims. Find out more here.

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news

Lloyd’s profitability push may cause ‘pandemonium’, says MGAA chair

Cat bond issuance volume drops in H1

Blockchain-based Black Insurance attracts investment from Fineqia

CNA, NN Group help fund $75m insurtech venture fund

Anbang puts Belgian insurer up for sale

Chubb joins blockchain startup BiTA in digital push

Endeavour appoints Howden exec as new CEO

Sharp rise in claims for merger-objection litigation

XL Catlin bolsters multinational casualty insurance team

Insurers face in excess of $3bn claims from June storms

AXA acquires run-off portfolio of German insurer Gothaer

Allied Insurance Brokers names new president

Don't miss our insurtech email newsletter - sign up today