Lloyd’s has confirmed the targets for electronic placement for the remainder of 2019.
For Q3 2019 each syndicate will be required to have written no less than 60% of its risks using a recognised electronic placement system with the target increasing to 70% in Q4.
Further detail on the updated electronic placement mandate is available here.
The mandate is designed to accelerate digital transformation and has already driven impressive adoption across the Lloyd’s market.
By the end of the Q1 2019, 45% of ‘in scope’ contracts were placed electronically in the Lloyd’s market. The target for this quarter was to have placed 40% of in scope risks through electronic placement. Eighty percent of syndicates met or exceeded the target and therefore qualified for a rebate on their annual subscriptions.
Lloyd’s Chief Operating Officer, Jennifer Rigby, said:
“Electronic placement allows Lloyd’s to simplify access and lower the costs of doing business, two objectives that are central to our strategy to build the future at Lloyd’s. We have exceeded our targets every quarter so far, which is excellent news and provides further evidence that we are already reshaping the market into a more future-focused platform.”
The mandate was first issued in the first quarter of 2018 following discussions with members of the Lloyd’s market, the Lloyd’s Market Association (LMA), the London & International Brokers’ Association (LIIBA) and the International Underwriting Association (IUA).