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Lloyd’s picks up pace on electronic placement

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Lloyd’s is pushing ahead with electronic placement as part of its modernisation program.

It will hold briefing sessions with the market to show how the placement mandate might work and gather feedback. Nearly 60% of the market’s financial and professional lines risks are now placed electronically.

“The London market has made great strides towards modernisation… in the case of electronic placement, it is not happening fast enough,” CEO Inga Beale said.

“Unless the market moves together, it will not reap the benefits and reduce administration costs. Electronic placement will support face-to-face negotiation, further increase efficiency in the market, reduce back-office costs and, most importantly, improve customer service.”