Lloyd’s has confirmed the mandated targets for electronic placement of risks for the remainder of 2019. For Q3 2019 each syndicate will be required to have written no less than 60% of its risks using a recognized electronic placement system with the target increasing to 70% in Q4. “The mandate is designed to accelerate digital transformation and has already driven impressive adoption across the Lloyd’s market,” said a statement issued by Lloyd’s. By the end of the Q1 2019, 45% of “in scope” contracts were placed electronically in the Lloyd’s market. The target for this quarter was to have placed 40% of in scope risks through electronic placement. Eighty-percent of syndicates met or exceeded the target and therefore qualified for a rebate on their annual subscriptions. “Electronic placement allows Lloyd’s to simplify access and lower the costs of doing business, two objectives that are central to our strategy to build the future at Lloyd’s,” said Lloyd’s Chief Operating Officer Jennifer Rigby. “We have exceeded our targets every quarter so far, which is excellent news and provides further evidence that we are already reshaping the market into a more future-focused platform.” The mandate to require electronic risk placement was first issued in the first quarter of 2018 following discussions with members of the Lloyd’s market, the Lloyd’s Market Association (LMA), the London & International Brokers’ Association (LIIBA) and the International Underwriting Association (IUA). Much of the electronic risk placement is being handled by the London market’s electronic placing platform, Platform Placing Ltd (PPL). Some London market business, such as treaty reinsurance, cannot be carried out on the platform. However, the intent of the program—to push forward electronic placements within the market—is working, market sources agree. Source: Lloyd’s Related: Was this article valuable? Yes No Here are more articles you may enjoy. Get the latest insurance newssent straight to your inbox.
Lloyd’s of London has confirmed its mandated electronic placement targets for H2 2019. The company said it had achieved a target to place more than half the new vehicles on UK roads by 2021, with an additional quarter in 2021. Lloyd's set a target of using electronic placement in 40% of its “in scope” contracts during Q1 2019, with 45% of the company's total contracts placed using the system. The percentage of syndicates that met or exceeded the Q1 target, therefore qualifying for a rebate on their annual subscriptions, was 80%.