Lloyd’s has launched a new online platform that will link coverholders to syndicate underwriters as it signals a move toward an online portal to bind risks.
The new platform, Lloyd’s Bridge, will allow coverholders to post details of new risks in an online portal, which then flags it to underwriters with appetite for that kind of business.
“If an underwriter has expressed interest in your line of business, location and capacity range your ‘opportunity’ will be matched to their ‘appetite’ instantly,” the website said.
“You’ll both get a match notification.”
It said the underwriters that are matched to that risk will then review it and confirm their interest.
“Bridge will then share contact details and the conversation can start straight away,” the site said.
It added that a broker can be brought on board at any time by coverholders who can “add” them to an “opportunity”. The initial roll out will be limited to the UK, Australia and New Zealand.
In a statement today (11 July), Lloyd’s chief commercial officer Vincent Vandendael said: “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.”
Lloyd’s chairman Bruce Carnegie-Brown said that “in an age of digital disruption” coverholders in established and developing markets were looking for a way to access syndicate capacity.
“Lloyd’s Bridge offers the ideal platform to do this quickly, easily and efficiently,” he said.
“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 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,” he added.
The move to launch Lloyd’s Bridge follows a decision to mandate electronic placing platform PPL, which the Corporation hopes will be used to place 80 percent of risks by the end of next year.
Earlier this year, it also launched Lloyd’s Lab, a tech incubator for new digital initiatives with a “fail-safe, fail-fast” approach.