Lloyd’s has announced targets for all syndicates to write 80 percent of their risk using a recognised electronic placement system in Q1 2020. The move reveals a gradual push for digitisation as well as a deeper transformation in the mind set of players in the Lloyd’s and London markets.
In the last quarter of 2019, Lloyd’s saw a significant spike in the use of the Placing Platform Limited (PPL). The platform enables brokers and insurers to quote and negotiate electronically and taking into account the use of other platforms such as Marketplace and MEL, PPL is evidence that Lloyd’s and the wider London market are embracing the shift to digitisation, also shown by Lloyd’s modernisation progress update (unveiled yesterday February 26).
But Kim Darrington, senior executive of market modernisation, at the International Underwriters Association (IUA) noted that while the platform is an important step, Lloyd’s is still some distance away from complete digitisation.
“Currently the PPL just supports the paper process but what is important, is how the platform is changing the mindset of players in the market. Overall, the growth of these platforms and future digitisation should bring the Lloyd’s and London markets up to speed with the rest of the world,” Darrinton told Intelligent Insurer.
digitisation, Lloyd’s, PPL, Marketplace