Lloyd’s of London will pilot its digital coverholder matching portal in Australia, New Zealand and the UK in July.
Lloyd’s General Representative in Australia, Chris Mackinnon said, “Underwriting agencies, including both independent and broker owned agencies, will benefit from quicker, easier and direct access to Lloyd’s. The matching portal will provide coverholders with a much shorter route to business at Lloyd’s.
“We are committed to broker distribution and growing Lloyd’s business through this important channel. However, we recognise that there are a number of changes taking place in the distribution landscape and Lloyd’s must innovate to remain relevant.”
A global roll-out of the portal will follow in 2019, subject to a successful pilot. Mackinnon attributes several factors to Australia’s inclusion in the initial testing, including its robust regulatory environment and strong demand from managing agents for local binder business.
The portal is designed to match new binder, or coverholder, business with Lloyd’s underwriters in an easy and cost-effective way. Coverholders will also benefit from direct access to the London market’s underwriting expertise and capacity.
Vincent Vandendael, Lloyd’s Chief Commercial Officer, said, “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.
“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.”