Electronic placement: from paper to digital

In order to accelerate the transformation from paper to digital the Lloyd’s Board and Council have approved the details of a mandate for electronic placement on a phased basis.

The mandate has been developed following detailed discussion with members of the Lloyd’s market, the Lloyd’s Market Association (LMA), the London & International Insurance Brokers’ Association (LIIBA) and the International Underwriting Association (IUA).

Through the London Market Target Operating Model (TOM) programme, we have built systems which make placement easier and digitise our paper based processes. We have a system that works and that supports face-to-face negotiations. Adoption by the market will increase efficiency, reduce back office costs, and most importantly improve customer service.

All the details of the mandate can be found in Market Bulletin Y5170: Electronic Placement Mandate.

Shirine Khoury-Haq, Chief Operating Officer, Lloyd’s, on leading the implementation of electronic placement to become the only digitised insurance market in the world. Watch here.

Bronek Masojada, CEO, Hiscox, talks about how the Lloyd’s and London market have to work together on the implementation of electronic placement. Watch here.