Lloyd's of London lifts electronic placement targets for 2020

Specialist re/insurance marketplace Lloyd's of London has decided to increase its targets for electronic placement quotes/submissions for the remainder of 2020.

With effect from July 1, the target for risks bound will remain 80 percent, but the target for submissions/quotes have been increased to 25 percent for the third quarter 2020 and 30 percent for the fourth quarter 2020.

As an alternative option, syndicates can meet the targets if the number of all electronic responses (minimum number of 50 per quarter) issued to brokers as a percentage of the number of all electronic submissions received from brokers using a Recognised Electronic System during Q3 2020 is not less than 25 percent and for Q4 2020 is not less than 35 percent.

Members of a syndicate may qualify for a partial rebate of annual subscriptions for 2020 payable by them to Lloyd’s if all the targets in 2020 are met.

Lloyd's said in an Aug. 12 market bulletin that the move follows feedback from the LMA Operations Committee.

The mandate was first issued in the first quarter of 2018. It is designed to accelerate digital transformation across Lloyd's market, and has already driven impressive adoption across the market.