Lloyd’s unveils plans for new digital platform

Lloyd’s today announced its intention to launch a new digital coverholder matching portal.

The online portal will seek to quickly and easily match new binder, or coverholder, business with Lloyd’s underwriters.

A pilot will be launched in July this year in the UK, Australia and New Zealand.

The intention is to begin rolling out the portal globally in 2019, subject to a successful pilot.

The coverholder matching portal will further enhance the market’s ability to quickly, easily and cost effectively attract new business by accessing coverholders in both established and fast growth markets. Lloyd’s coverholders will also benefit from direct access to the Lloyd’s market’s underwriting expertise and capacity.

A second feasibility project, which will enable coverholders to place risks under a binding authority (including those written on a subscription basis) and process them directly through a new online portal, is also underway. More details will be confirmed on this initiative in due course.

Vincent Vandendael, Lloyd’s Chief Commercial Officer, said:
“In a constantly changing distribution landscape these initiatives are intended to help Lloyd’s respond to new buying behaviours, as insurance buyers around the world increasingly look for capacity and expertise in their local markets. Lloyd’s will in turn benefit from the ability to continue to grow premium and increase profitability.

“We are looking to build a more sustainable business model at Lloyd’s and for ways to use innovative new technologies to create opportunities for the market to reduce costs, to be more attractive to new business and to make Lloyd’s an even easier place to work.”

For more information on any of these projects contact coverholderportals@lloyds.com.

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