Insurance Jottings
Lloyd’s Launches Digital Distribution Platform Called ‘Lloyd’s Bridge’
Lloyd’s has launched a digital distribution platform – Lloyd’s Bridge – designed quickly, easily and efficiently to connect insurance businesses and entrepreneurs with Lloyd’s underwriters.
Lloyd’s Bridge is an online platform which 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 said.
Lloyd’s said it 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.
“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,” said Lloyd’s Chairman Bruce Carnegie-Brown.
“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,” he added.
“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,” Mr Carnegie-Brown continued.
Lloyd’s Bridge is the latest in a series of moves which use technology to provide better customer service, enhance underwriting decisions and make operations more efficient, said Lloyd’s.
Already this year Lloyd’s has decided to mandate the use of electronic placement with 80 percent 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 which 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.
Lloyd’s has doubled in size since 2000, said Vincent Vandendael, Lloyd’s Chief Commercial Officer, who explained that more business is being placed locally.
“Currently, around 30 percent 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,” he added.
“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,” he said.
Catlin brand to remain in Lloyd’s after Axa-XL deal completes
The XL Catlin brand will continue to hang over the syndicate’s box at Lloyd’s in the wake of Axa’s US$15.3 billion deal to buy its parent.
Ironshore Forms Onshore Middle Market Energy Equipment Facility
Ironshore Insurance Services LLC has formed an energy equipment facility offering property and inland marine insurance coverage for onshore middle market classes of business in the US.
Ironshore’s Syndicated Risk Services (SRS) will underwrite the middle market sector risk on behalf of four Lloyd’s of London subscribing partners.
SRS will provide up to US$10 million in capacity for oil & gas operators and contractors operating within the onshore energy sector, with an emphasis on contractor equipment businesses.
SRS defines the middle market sector as insured operations with up to US$10 million in equipment values, according to Ben Johnson, Director, SRS. Comprehensive terms and conditions of the coverage will be structured to the specific coverage demands of complex risks.
“The new property facility offers an alternative source of capital for energy equipment businesses in the US middle market that are currently underserved,” said Daniel Owen, senior vice president, Energy and Builders Risk.
Ironshore’s Global Energy Industry Practice underwrites insurance programmes for commercial entities across all classes within specialty markets, including casualty, property, environmental, marine, professional lines and political risk.
Ironshore, a Liberty Mutual Company, provides broker-sourced specialty property and casualty insurance coverages for varying risks located throughout the world.