Lloyd's risk exchange

Executive sponsor: John Neal

Business owner: Paul Brady

Workstream lead: Barry Clarkson

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 to date

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

How our thinking has evolved

As part of our sharpened focus for Q2, we are re-planning our approach and delivery and will be providing an update on plans for Q3 and Q4 in July.

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