Lloyd’s has confirmed the mandated targets for electronic placement of risks for the remainder of 2019.
For Q3 2019 each syndicate will be required to have written no less than 60% of its risks using a recognized electronic placement system with the target increasing to 70% in Q4.
“The mandate is designed to accelerate digital transformation and has already driven impressive adoption across the Lloyd’s market,” said a statement issued by Lloyd’s.
By the end of the Q1 2019, 45% of “in scope” contracts were placed electronically in the Lloyd’s market. The target for this quarter was to have placed 40% of in scope risks through electronic placement. Eighty-percent of syndicates met or exceeded the target and therefore qualified for a rebate on their annual subscriptions.
“Electronic placement allows Lloyd’s to simplify access and lower the costs of doing business, two objectives that are central to our strategy to build the future at Lloyd’s,” said Lloyd’s Chief Operating Officer Jennifer Rigby.
“We have exceeded our targets every quarter so far, which is excellent news and provides further evidence that we are already reshaping the market into a more future-focused platform.”
The mandate to require electronic risk placement was first issued in the first quarter of 2018 following discussions with members of the Lloyd’s market, the Lloyd’s Market Association (LMA), the London & International Brokers’ Association (LIIBA) and the International Underwriting Association (IUA).
Much of the electronic risk placement is being handled by the London market’s electronic placing platform, Platform Placing Ltd (PPL). Some London market business, such as treaty reinsurance, cannot be carried out on the platform. However, the intent of the program—to push forward electronic placements within the market—is working, market sources agree.
- Lloyd’s Insurers Surpass Target for Electronic Risk Placements: Report
- London’s Electronic Placing Platform Gains Traction, Binding More Than 50,000 Risks
- Momentum Grows for Electronic Placement of Risks Among London Brokers: LIIBA
- London’s Electronic Placements via PPL Exceeded Targets During Q4 2018
- London’s Electronic Placements Exceed Targets; Beazley Syndicate 3623 Ranks #1
- London’s Electronic Placing Platform PPL Announces Updates, Enhancements
- London Market’s Placing Platform Completes Product Roll-Out with Treaty Reinsurance
- Lloyd’s Modernization Plans Move Full-Steam Ahead
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