Lloyd's-Written Insurance Tips Digital Scales For 1st Time
Law360, London (August 12, 2019, 6:02 PM BST) -- Insurers in the London market are putting through more than half of their business electronically for the first time, meeting targets set by Lloyd’s of London to digitize the brokerage process to reduce costs, an insurance trade body said Monday.
London Market Group, representing the City of London’s commercial insurers and brokers, said that Lloyd’s syndicates have used its electronic platform for 60.2% of their business in the second quarter of 2019, up from 45% in the first quarter. Lloyd’s is requiring its syndicates to respond to submissions from brokers using that platform, known as Placing Platform Ltd., for at least...
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