Liberty Specialty ties up with Howden on new construction solution
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has partnered with Howden to launched a new contractors all risks (CAR) digital trading solution.
The new solution joins the existing CAR digital trading solutions built with WTW and another broker. The platform with WTW was launched in 2023.
The integrated digital trading solutions are designed to automate the quote and binding process for construction projects, thereby reducing the number of manual touchpoints in the quotation of small-scale UK business. It is designed to speed up the underwriting process, providing clients with quotes and policy documents quickly and efficiently.
The digital portfolio aims to collate information via internal reporting capabilities, providing underwriting teams with better-quality risk information and allowing for more informed data-driven portfolio-level decisions.
Christopher Jones, underwriting manager, construction and casualty, LSM said: “We are proud to be at the forefront of the movement to digitalise the construction market through the launch of these platforms. Our relationships with our broker partners are crucial to our growth plans and the platforms mark a significant step towards achieving our digital trading ambition. The platforms are a great demonstration of both the partnership between the underwriting, digital and actuarial teams, and excellent collaboration across the market, working to deliver the best value for our clients and business.”
Andrew Birt, executive director and head of UK projects, construction & infrastructure assets, Howden, commented: “Adaptability is crucial for success in today's ever-changing market. Howden and Liberty have developed a digital trading platform, constructed through cross-market collaboration, harnessing the collective expertise of brokers, underwriters, legal and IT specialists, and project management teams. This innovative system will support and strengthen the longstanding trading partnership between Howden and Liberty, enable us to deliver competitive and efficient solutions for our clients, whilst also capturing real-time management information that can help us evolve and improve the platform.”
Lou Smith, global lead, Neuron, WTW, commented: “We first launched Neuron, WTW’s digital commercial trading solution, over 12 months ago in collaboration with LSM. By combining our expertise and leveraging digital capabilities, we are transforming how brokers and underwriters connect and trade. This collaborative effort signifies our commitment to advancing the industry through cutting-edge technology, providing valuable insights and significant operational efficiencies with improved speed and cost of doing business for the benefit of insurers and clients.”
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