Enhancing Lloyd's traditional broker placement practices with modern insurance technology
As the insurance industry’s definitive marketplace for nearly 400 years, Lloyd’s of London is almost as synonymous with tradition as it was for its reliance on manual, paper-based processes. But Lloyd’s is much more than that. It is a culture that is rooted in fostering relationships between brokers and carriers in a unique marketplace where risks are evaluated and underwritten. However, even the most sacred traditions need to adapt over time, and Lloyds has embarked on a digital journey to revamp the historic marketplace.
For the first time in over three centuries, Lloyd’s had to close its doors due to the global pandemic which challenged those traditions. It forced the marketplace to quickly transition to a digital strategy. Although a majority of Lloyds transacts electronically today, this transition requires the support of modern insurance technologies that can elevate Lloyds to a futureproof status. It’s time to add some digital cream to the traditional coffee.
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This article is an op-ed piece that discusses the impact that modern insurance technology can have on the placement process within the Lloyds market. It presents solutions that are currently available that fosters better digital relationships between brokers and carriers for risk placement and automated pricing and underwriting.
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