’[This] is just the beginning of our ambition to transform the binding authorities landscape at Lloyd’s,’ says head
Lloyd’s of London broker Clegg Gifford has partnered with digital agency MagiClick UK to launch a new digital platform designed to ”redefine the dynamics of the SME insurance market”.
A statement released today (6 June 2023) said the platform, called Six, had been designed to help firms find Lloyd’s capacity online quickly for commercial property and liability risks.
Joe Barnard, head of Lloyd’s and London market at Clegg Gifford, said launching the platform “is just the beginning of our ambition to transform the binding authorities landscape at Lloyd’s”.
”We’re excited to unveil Six, our pioneering platform designed to redefine the dynamics of the SME insurance market,” he added.
“As we step into this new era, we’re proud to continue the coverholder tradition of local underwriting without the overhead of extensive infrastructure.
“We’re harnessing our niche expertise and exceptional local relationships to craft a platform that not only serves the current market needs, but anticipates the future ones.”
A binding authority agreement occurs when a managing agent delegates its authority to enter into a contract of insurance – to be underwritten by the members of a syndicate managed by it to the coverholder – in accordance with the terms of the agreement.
As a coverholder, Clegg Gifford said it was able to design Six specifically for the Lloyd’s market.
The firm added its new platform offered improved accessibility, with Lloyd’s capacity now directly available on the UK high street and supporting the underwriting and broking process from initial enquiry to binder.
It will also provide a streamlined distribution model for micro SME binders at Lloyd’s.
”Efficiencies from improved distribution reduces coverholder commission, meaning better value for direct customers and economically more attractive for capacity providers,” Clegg Gifford added.
Mark Lusted, chief executive of MagiClick UK, said: “The positive changes will most definitely be noticeable to retail brokers using the new system.
“Six is a next generation front-end platform, which uses the very latest technology to deliver an exceptionally fast and instant user experience.
“Brokers will now be able to take a client query, request a quote, accept and have the risk bound in minutes.”