(London, UK – Insurance News 360) – On Dec. 20, the Corporation of Lloyd’s confirmed 2019 targets for electronic placement.
For the first quarter of 2019, syndicates must have written no less than 40 percent of risks with a recognised electronic placement system. The target will increase to 50 percent in the second quarter, when a quote target will be introduced.
Lloyd’s brokers will be required to connect to a recognised electronic placement platform by June 1. Lloyd’s will be working closely with LIIBA to achieve this.
“Since we implemented this mandate across the Lloyd’s market, we’ve seen a marked increase in the adoption of electronic trading, which is fast-tracking our transformation,” said Shirine Khoury-Haq, Lloyd’s Chief Operating Officer. “The latest developments, including quote targets and the Lloyd’s broker requirement, are essential next steps in our journey to digitise our market and to provide the best possible service to our clients. I am thankful to have so much support across the broking community and [the London and International Brokers’ Association in these efforts.”
By the end of the Q3 2018, 29.8% of ‘in scope’ contracts were placed electronically in the Lloyd’s market and almost reaching the Q4 target of 30%. Syndicates meeting and exceeding the targets will receive a rebate on their annual subscriptions.