Lloyd’s has launched a new digital distribution platform – Lloyd’s Bridge – designed to quickly, easily and efficiently connect insurance businesses and entrepreneurs with Lloyd’s underwriters.
The pilot programme 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.
Bruce Carnegie-Brown, Chairman of Lloyd’s, said: “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. 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.
“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.”
This year Lloyd’s has decided to mandate the use of electronic placement with 80 per cent 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.
Vincent Vandendael, Lloyd’s Chief Commercial Officer, added: “Lloyd’s is the global insurance market and it has doubled in size since 2000. We know that more and more business is being placed locally. Currently, around 30 per cent 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.
“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.”
Chris Mackinnon, Country Manager of Lloyd’s Australia, said: “Lloyd’s already has a significant coverholder network in Australia with over 130 established business. Coverholder distribution is a cornerstone of our Australian business, and so we are delighted that Australia is included in the pilot programme.”