Lloyd’s, partnered with Accenture and mea Platform, has today launched a local ‘Summary of Coverage’ service, available for free to all managing agents to support Lloyd’s Multinational offering.
Our multinational capabilities allow us to provide a simple and compliant solution for our global customers. Lloyd’s licences offer a unique advantage; for 80 territories globally Lloyd’s can write insurance business cross-border from London on a single policy, reducing the need for local polices. To complement this, our summary of cover service provides local customers with certainty on their coverage in their local jurisdictions.
The service, available at no extra cost, provides documentation detailing local policy information specific to that territory and will reassure clients of their coverage and help satisfy their local operating requirements.
The service will be automated with AI technology provided by mea Platform and was designed with guidance from a working group of Lloyd’s managing agents and carriers. Customers can request the documentation via their broker and/or carrier. The service is available to all managing agents and covers approximately 80 territories where Lloyd's hold a direct licence, including all European territories via Lloyd’s Europe (Lloyd’s Insurance Company).
Want to know more?
We will be holding a drop-in session in the Lloyd’s building on Wednesday 12 February in one of the Lloyd’s Coffee House meeting rooms next to reception from 11:30 – 13:30, for managing agents and brokers who would like to know more about what the service entails and how to access it for their customers. Please do come along at any time.
“We are excited to continuously enhance our multinational offering and make it easier to do business with Lloyd’s. By leveraging our unique licenses, trading rights, regulatory tools, and tax support, we aim to provide a seamless experience. Our new local Summary of Coverage service is yet another way we’re creating clarity and conditions for success so our market participants can serve their global customers.”Dawn Miller, Chief Commercial Officer and CEO of Lloyd’s Americas
“There is a vast amount of untapped potential for AI to transform the insurance sector, with our research showing that it stands to gain more in terms of growth from generative AI than any other area of financial services. The Summary of Coverage service we’ve created with Lloyd’s is a brilliant example of this, showing how AI can simply and efficiently enhance customer experience. We’re excited to continue our work with Lloyd’s to explore the potential for technology, combined with human ingenuity, to drive innovation across its offerings and services for its customers.”Carmina Lees, Insurance Lead for Accenture in the UK & Ireland
“We are delighted that mea Platform has been selected to enable this important new service. mea’s AI technology offers an immediately available service across multiple lines of business & languages, without additional model training, making it a perfect fit for the Lloyd’s multinational offering. We’re excited to be part of this partnership helping to advance the global insurance marketplace”.Graeme Asquith, UK Managing Director, mea Platform
Additional information
For more information visit our Knowledge Hub or contact us below.