The specialist Lloyd’s of London insurance and reinsurance marketplace is to launch a new online portal designed to match new binder, or coverholder business with Lloyd’s underwriters in a fast and simple manner.
A pilot of the new digital coverholder matching portal will be launched in July 2018 in the UK, Australia and New Zealand, with intentions to begin rolling out the portal on a global scale in 2019, subject to the pilot being successful.
“In a constantly changing distribution landscape these initiatives are intended to help Lloyd’s respond to new buying behaviours, as insurance buyers around the world increasingly look for capacity and expertise in their local markets. Lloyd’s will in turn benefit from the ability to continue to grow premium and increase profitability,” said Vincent Vandendael, Lloyd’s Chief Commercial Officer.
Lloyd’s states that the new online portal will further enhance the marketplace’s ability to quickly, easily, and in a cost efficient way, attract new business by accessing coverholders in emerging, fast growth markets as well as established ones.
Lloyd’s of London coverholders also stand to benefit from having direct access to the market’s underwriting capacity and expertise.
The market has also announced that a second feasible project is currently underway, which will reportedly enable coverholders to place risks under a binding authority and process them directly through a new digital portal.
“We are looking to build a more sustainable business model at Lloyd’s and for ways to use innovative new technologies to create opportunities for the market to reduce costs, to be more attractive to new business and to make Lloyd’s an even easier place to work,” said Vandendael.
