Lloyd’s Bridge, designed to connect insurers and Lloyd’s underwriters easily, has been launched in the UK, Australia and New Zealand
Lloyd’s has today launched a new digital distribution platform, designed to connect insurance businesses with Lloyd’s underwriters more efficiently.
Lloyd’s Bridge is an online platform that matches insurance businesses with underwriters from the Lloyd’s market, allowing them to underwrite certain policies on behalf of Lloyd’s as Lloyd’s coverholders.
Initially, the platform is being launched in the UK, Australia and New Zealand, but will be rolled out globally in 2019.
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.”
The launch is the latest move by Lloyd’s to embrace technology more. This year, Lloyd’s has already pledged to have 80% of business placed online by the end of the year, launched a recruitment drive for technology talent (Lloyd’s Lab) and announced plans to launch a new underwriting portal that will enable coverholders to quote, underwrite risks and issue policies on behalf of Lloyd’s syndicates.
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.”