trending Market Intelligence /marketintelligence/en/news-insights/trending/njeo-eb0eh9fd1wdq5pvug2 content esgSubNav
In This List

Lloyd's of London presses on with electronic placement

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Lloyd's of London presses on with electronic placement

Lloyd's of London said Feb. 5 it is pushing ahead with using electronic placement to support face-to-face negotiation and to further increase efficiency in the market.

The move means that all of the 80 syndicates operating at the insurance market will have to perform their processes electronically, Reuters reported the same day. Lloyd's noted that the move will also reduce back office costs and improve customer service.

"Adoption is now vital and it is happening but, in the case of electronic placement, it is not happening fast enough," Lloyd's CEO Inga Beale said. A spokesman told Reuters that only 10% of Lloyd's business is carried out through electronic placement.

Beale cautioned that without high adoption levels, investment to date is put at risk and could result in administration costs increasing further. She added that Lloyd's will mandate the use of electronic placement "on a phased basis over time."