Lloyd's risk exchange

A Lloyd’s digital exchange that connects to existing systems or provides a new user interface and enables instant search, quote, bind and issue for less complex risks, improving the speed of placement and customer experience.

What it includes

Flexible access to the risk exchange, a flexible interface, API or user interface (UI) connecting the exchange to distribution systems and rating engines

Configurators that enable underwriters or coverholders to define their products available on the risk exchange in terms of risk and coverage

Search, match and quote engine that enables the risk exchange to return instant quotes from rating engines

Connection to Delegated Authority Submission, Access and Transformation Service (DA SATS) to facilitate straight-through processing of binding authority data

Reporting dashboard that coverholders, brokers and underwriters can use to view real-time performance

Certificate production, a facility that allows an insurance policy and certificate to be constructed automatically by drawing on the regulatory rules engine and clause libraries

Enabling services common across Future at Lloyd’s solutions, including:

  • Simplified accounting and settlement to support the straight-through processing of funds and automatic generation of technical accounting
  • Automated tax calculator to allow tax certainty at the point of trade
  • Centralised compliance checks (Know Your Customer, Anti-Money Laundering
  • and sanctions checking) to minimise duplication
  • Connection to a library of territory-specific mandatory clauses for inclusion in insurance certificates
  • Common data platform and data enrichment services, to straight-through process claims, reduce re-keying, improve data quality and automate reporting

Watch a demonstration

This video is demonstration of how the Lloyd's risk exchange could allow a user to:

  • Connect to the risk exchange using their own systems
  • Register their product using the risk exchange
  • Search for a product
  • Use the data enrichment tool

What will be delivered in Phase I

In Phase I (2020), we will deliver:

  • Inflight delegated authority solutions, including: API connection with DA SATS enabling direct reporting; continued improvements in delegated authority onboarding and approval; and Lloyd’s coverholders’ operations system, including rating, quote and bind functionality for selected territories
  • Early version of instant quote and bind functionality for a small portion of delegated authority business (e.g. 1-3 risk classes in a single territory) ready for testing and feedback. This will start by connecting a small number of syndicates, brokers and coverholders already using e-trading platforms

See chapter 3 of Blueprint One for details of the Lloyd's risk exchange.