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Lloyd’s aims that more than half of the risks are placed electronically

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Writing

3 July 2019 11:30

Lloyd s has the goal that not less than 60 % of risks that are placed by the unions are electronically in the third quarter of 2019. This target rises to 70% in the fourth quarter.

By placing electronic, Lloyd’s intends that the unions use an electronic system recognised by the board of directors for the sending of contracts of insurance and reinsurance. The trade unions which comply with the objective set in place are entitled to a discount on their annual subscription.

The insurer argues that this mandate was intended to “accelerate the digital transformation” and that the initiative has already been adopted as “impressive” through the market.

In the first quarter of 2019, 45 % of the risks that have been placed electronically, while the target was 40 %. All the trade unions, 80 % of them had reached or exceeded the target.

“The investment email allows Lloyd’s to simplify access and reduce the costs of commercial activities, the two key objectives of our strategy to build for the future with Lloyd s. so far, we have exceeded our targets in all quarters, which is great news and provides further evidence that we are already in the market in a platform more oriented towards the future,” says Jennifer Rigby, new chief operating officer at Lloyd s.

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