Lloyd’s managing agency AEGIS London has launched a digital trading division as the firm looks to build on the success of its online quote-and-bind platform Opal.
AEGIS London’s head of digital trading Tom Squires will lead the new division with support from digital trading manager Angus Turner and Phil Lucas, business application manager.
He will report to head of distribution Nigel Roberts.
Upon announcing the new division Squires praised the Opal platform for having provided a “tremendous boost” for the firm, noting improved revenue and new access to American and international business.
“Opal has opened our eyes to the possibilities,” Squires said. “That’s why we decided to create this new division to bring together underwriting and digital distribution. It allows us to really explore the opportunities presented by the digital channel and take commercial advantage of them.”
This digital division will work alongside AEGIS London’s underwriting teams to develop digital products and new ways of distributing them to the international market.
While complex risks will continue to be underwritten at Lloyd’s, digital versions of suitable products will be made available to brokers and intermediaries in AEGIS London’s key markets including North America and Australasia.
“Four years ago, we developed the idea of Opal in order to bring business to London that was uneconomical using the traditional distribution chain,” said Roberts.
“Last year, we were pleased to see Lloyd’s reached the same conclusion. The key for us is to make our underwriting expertise available to a wider market but without ratcheting up prohibitive distribution costs. Digital is clearly the way to achieve that.
“This marks the start of a new era for us. We’ll be running digital and traditional distribution chains in parallel, both backed by the underwriting expertise with which AEGIS London is synonymous.”