Brit Ltd (Brit) has piloted the first continuous binder at Lloyd’s, which is planned to launch in January 2022.
The new forms of contract aim to improve efficiencies by replacing the traditional annual renewal cycle, which can often be time and labour intensive and result in capacity being confirmed weeks or days before expiry, proving highly disruptive to a coverholder’s businesses.
The continuous contracts will be powered by a regular, data driven, review process throughout the life of the contract, this will also increase overall visibility of performance.
Joy Ferneyhough, Chief Experience Officer at Brit, said: “We are excited to be piloting these contracts, which reflect our on-going commitment to supporting Lloyd’s “Future at Lloyd’s” vision as well as making it easier for our key strategic partners to do business with us.
“By innovating the traditional approach to delegated underwriting, continuous contracts will help remove the disruption that can often occur with traditional policies while empowering our underwriters with better data and more visibility over performance.
“We were pleased to work with Lloyd’s and two of our long standing broker partners, Amwins Global Risks and Bowood, on this and hope to extend this pilot in the future.
“The pilot also builds on our Coverholder Strategy Partnerships Programme, which is aimed at enhancing how we engage with our key strategic partners. We’re pleased with the successes we’ve already seen and look forward to further evolving our coverholder proposition.”
