Sherwood International is supplying its Progen2 insurance administration system to the Lloyd's Policy Signing Office (LPSO).
LPSO, which carries out centralised processing of insurance and reinsurance business placed by brokers with Lloyd's syndicates, is looking to significantly increase the services it offers.
The system will let the LPSO bring in-house the processing of more than £1bn in premiums from delegated underwriting arrangements.
Progen2 will be configured towards small to mid-range commercial risks, with the option to work via the internet. The system can administer a policy throughout its life cycle.
Aimed mainly at Lloyd's managing agents, the new system is aimed at increasing the accessibility of the market.
Michael Collins, managing director of LPSO, said: “Progen2 allows administration to be tailored to individual coverholder and managing agent requirements and provides the rapid, high-quality service necessary for them to sustain competitive advantage.”
Sherwood's Richard Beasley, who lead negotiations with LPSO, said: “This has the potential for changing the way the LPSO's Lloyd's partners are able to operate by removing some of the existing barriers to progress.
“LPSO will not only increase the speed with which Lloyd's can introduce new products and services to the market, but will also improve the availability and quality of information exchanged between its business partners.”
LPSO became a wholly-owned subsidiary of Ins-sure Services in May. Ins-sure was established to unify and improve the services provided to the London insurance market.