Lloyd’s, the specialist insurance and reinsurance market, has launched a digital distribution platform – Lloyd’s Bridge – designed to quickly, easily and efficiently connect insurance businesses and entrepreneurs with Lloyd’s underwriters.
Lloyd’s Bridge is an online platform that matches insurance businesses with underwriters from the Lloyd’s market, enabling these businesses to underwrite certain policies on behalf of Lloyd’s as Lloyd’s coverholders.*
The pilot program will initially be available in the UK, Australia and New Zealand. Access will be extended to more markets throughout 2019 as part of a global roll out, Lloyd’s said in a statement.
Lloyd’s said it is committed to continuing to grow through the broker distribution channel, with brokers having access to the platform if they act as a coverholder or are acting on behalf of a coverholder.
“All over the world Lloyd’s has an enviable reputation as the leading insurance marketplace and it remains the most sought after destination for insurance solutions,” said Lloyd’s Chairman Bruce Carnegie-Brown.
“In an age of digital disruption, however, our partners in both established and fast growth markets are increasingly looking for new ways to access our market,” he added.
“Lloyd’s Bridge offers the ideal platform to do this quickly, easily and efficiently. 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,” Carnegie-Brown continued.
Lloyd’s Bridge is the latest in a series of moves that use technology to provide better customer service, enhance underwriting decisions and make operations more efficient, said Lloyd’s.
Already this year Lloyd’s has decided to mandate the use of electronic placement with 80 percent of business to be placed electronically by the end of next year. Lloyd’s also announced the establishment of a new innovation accelerator, the Lloyd’s Lab, and launched a global recruitment drive for top tech talent.
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.
Lloyd’s has doubled in size since 2000, affirmed Vincent Vandendael, Lloyd’s Chief Commercial Officer, who explained that 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,” Vandendael added.
“As we continue to grow and expand our international business we are committed to enhancing the service and access we provide to our customers’ changing needs. By providing coverholders with quick and easy access to our market, Lloyd’s Bridge will transform how we do business at Lloyd’s,” he said.
* A coverholder is a company with the authority to issue insurance on behalf of Lloyd’s syndicates. Coverholder business is one of the fastest growing parts of Lloyd’s business and accounts for roughly one-third of Lloyd’s gross written premiums. There are approximately 4,000 Lloyd’s coverholders writing business globally.
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