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Lloyd's confirms 2019 targets for market's digital transformation

The Corporation of Lloyd's confirmed its targets for digitizing the market in 2019.

All syndicates will need to write at least 40% of its risks using a recognized electronic placement system in the first quarter of 2019. In the second quarter, the bar will be raised to 50% and a quote target will be launched. Both lead and follow businesses will be bound by these requirements.

Brokers must register on a recognized electronic placement platform by June 1, 2019. Syndicates that outperform the targets will be given a rebate on their annual subscriptions.

Lloyd's will coordinate with London & International Insurance Brokers' Association to implement the targets.

The electronic platform provided by Placing Platform Limited was launched in July 2016.