Adoption of electronic placement across the London Market has seen steady improvement over the last several months – culminating in just under 1500 risks being bound on the platform last week (week beginning 24 September 2018), a record high.

The electronic placement of risks is a vital step in the modernisation of the London Market, removing paper from the placement process while supporting the face-to-face negotiations that are essential to our market.

These new numbers support the mandate statistics published in August which showed that, across the London Market, around 16% of risks are being placed electronically. Further adoption will increase efficiency, reduce back office costs and, most importantly, improve client service.

Because today and tomorrow are about digitalisation and London must be riding that wave, not being left in its wake. It’s about focusing on the things that make the market unique – face-to-face negotiations and relationships – and modernising those processes that are just not fit for the 21st century.