Lloyd’s Risk Exchange will boost London: WCL
The Lloyd’s Risk Exchange will bring more business into the London Market and will also shape and adapt to the future of the insurance market, according to James Willison, managing director of Web Connectivity Ltd (WCL), a company which has developed a solution that allows commercial insurance organisations to adopt ACORD XML standards.
“The Risk Exchange will open up Lloyd’s capital to underwrite new risks—offering real-time quotes—and open channels for capital to be deployed more effectively. This means Lloyd’s can grow its market share and maintain its relevance going forward,” Willison told Monte Carlo Today.
“The benefits are clear: much as Lloyd’s and the insurance market have always operated on a collaborative and cooperative basis, this new ecosystem brings everyone together in a digital sense.
“It’s a natural evolution to make sure all market practitioners are speaking the same language and will continue to communicate efficiently as global markets get bigger,” he said.
“Global data standards, which are key to my business, are becoming ever more aligned and easier to integrate. Evolution in areas such as application program interfaces, which allow two systems to communicate with each other, has progressed rapidly so that the methods of achieving this are far easier and cheaper than before.
“This is all very positive news for the industry in dealing with big data, providing better customer service and increasing operational efficiency,” he added.
The business, which was originally very London-centric, is now seeing solid growth within the European market, the US and Bermuda markets and now also in Asia, Willison said.
“However, this growth has been in isolated pockets. We now need to build out and link these pockets together to create a solid network that provides an economy of scale and will maintain our growth trajectory.”
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