Lloyd’s, the world’s specialist insurance and reinsurance market, has launched a new digital distribution platform – Lloyd’s Bridge – designed to quickly, easily and efficiently connect insurance businesses and entrepreneurs with Lloyd’s underwriters.
Lloyd’s Bridge is an online platform that matches insurance businesses with underwriters from the Lloyd’s market, enabling these businesses to underwrite certain policies on behalf of Lloyd’s as Lloyd’s coverholders*.
The pilot programme will initially be available in the UK, Australia and New Zealand. Access will be extended to more markets throughout 2019 as part of a global roll out.
Lloyd’s is committed to continuing to grow through the broker distribution channel, with brokers having access to the platform if they act as a coverholder or are acting on behalf of a coverholder.
Bruce Carnegie-Brown, Chairman of Lloyd’s, said:
“All over the world Lloyd’s has an enviable reputation as the leading insurance marketplace and it remains the most sought after destination for insurance solutions. In an age of digital disruption, however, our partners in both established and fast growth markets are increasingly looking for new ways to access our market.
“Lloyd’s Bridge offers the ideal platform to do this quickly, easily and efficiently. It will enable coverholders in different parts of the world to benefit from easier access to Lloyd’s expertise, underwriting talent, significant capacity and financial security.”
Lloyd’s Bridge is the latest in a series of moves to use technology to create opportunities for Lloyd’s to provide even better customer service, enhance underwriting decisions and make operations more efficient.
Already this year Lloyd’s has decided to mandate the use of electronic placement with 80% of business to be placed electronically by the end of next year. Lloyd’s also announced the establishment of a new innovation accelerator, the Lloyd’s Lab, and launched a global recruitment drive for top tech talent.
Lloyd's also has plans to launch a new underwriting portal that will enable coverholders to quote, underwrite risks and issue policies on behalf of Lloyd’s syndicates. More details will be confirmed on this initiative in due course.
Vincent Vandendael, Lloyd’s Chief Commercial Officer, added:
“Lloyd’s is the leading global insurance market and it has doubled in size since 2000. We know that more and more business is being placed locally. Currently, around 30% of Lloyd’s premium is placed through coverholders – local insurance business writing policies on behalf of Lloyd’s – and we are keen to continue to invest in this way of doing business.
“As we continue to grow and expand our international business we are committed to enhancing the service and access we provide to our customers’ changing needs. By providing coverholders with quick and easy access to our market, Lloyd’s Bridge will transform how we do business at Lloyd’s.”
For more information or to access Lloyd’s Bridge, go to: www.lloyds.com/bridge
Lloyd’s is the world’s specialist insurance and reinsurance market.
With expertise earned over centuries, Lloyd’s is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers in more than 200 territories, the Lloyd’s market develops the essential, complex and critical insurance needed to underwrite human progress.
Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network of over 4000 insurance professionals to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.
Notes to Editors
* A coverholder is a company with the authority to issue insurance on behalf of Lloyd's syndicates. Coverholders offer a wide range of different insurance, this might include insurance for consumer electronics or personal accident cover for sports. Coverholder business as a whole is one of the fastest growing parts of Lloyd’s business and accounts for roughly one third of Lloyd’s gross written premium. There are approximately 4,000 Lloyd’s coverholders writing business all around the world.
Senior Manager, Brand & Communications