Lloyd's risk exchange

Executive sponsor: Jon Hancock

Business owner: Paul Brady

Workstream lead: Monique Alder

What is it?

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

Our progress
during transition

Learn about the progress we have made since we published Blueprint One on 30 September 2019.

How we will
deliver Phase I

The Lloyd’s risk exchange will start by connecting a small number of digitally enabled market stakeholders to prove connectivity and develop standards. We will also develop common digital services to enable scale up and roll out across the whole market.

How the risk exchange will create value for stakeholders

Customers

  • Lower premiums due to lower underwriting costs
  • Easier access to a broad product range
  • Faster route to quote and bind
  • Ability to package products from different Lloyd’s carriers

Brokers/coverholders

  • Opportunity for business growth with a fixed cost base
  • Potential market volume growth through lower costs and easier access for customers
  • More time to focus on product development, complex risk placement and customer advice

Insurers

  • Opportunity for business growth with a fixed cost base
  • Access to a broader customer base with opportunity to cross-sell
    and upsell
  • More time to focus on developing new products and servicing complex
    risk portfolios