Lloyd’s and London Market insurance services provider, PoloWorks, has launched Polo Digital, a new digital market offering designed to support Blueprint 2 and the digitisation of the London market.
Polo, the trading name of both Polo Managing Agency (PMA) and Polo Commercial Insurance Services (PCIS), explained that the new service will enable clients access to a wide range of AI-supported digital solutions that involve the creation, storage, transformation, and management of underwriting data sets, via Digitisation as a Service (DaaS).
The new service provides brokers and insurers in the London insurance space with access to a comprehensive AI-supported digital toolkit, which will help to support and facilitate market reforms.
Paul Andrews, PoloWorks and Polo Managing Agency Chief Executive Officer, commented: “Data integration services are crucial for businesses looking to gain holistic insights from their data. Our new offering will help organisations efficiently capture data, combing it from different sources to create a unified view, a vital step in enabling them to meet the challenging requirements of Blueprint 2 market modernisation.
“It is our intention that Polo Digital will create data services which will continue to evolve with market technological advancements, enabling businesses and individuals to harness the power of data for innovation, efficiency, and decision-making in the digital age.”
The launch of Polo Digital, according to Polo, both supports and underpins Blueprint 2 at Lloyd’s, integrate the use of the Market Reform Contact version 3, and meet the needs of the broking and insurer community to support accurate data entry needed to reap the benefits of a core data record.
Polo Digital is a part of Polo Commercial Insurance Services, and will be led by Richard Lawson, the current CEO.
“As a major provider of risk capture and exposure management services to the London market, it became apparent in conversations with our clients that digitisation of these business-critical services was key for them and Polo.
“We have been working on optimising our services to provide digital solutions delivered by subject matter experts at Polo Digital. We are very much aware that going forward, brokers will need more full-time support or as the market transitions into the various modernisation initiatives to come,” Lawson concluded.
