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.