Imagine a world in which the Lloyd's market uses data and technology to enable customers to buy insurance quickly and easily for the most difficult-to-cover risks

I’m the CEO of a Europe-based logistics company, which delivers parcels for e-commerce companies using various technologies including autonomous vehicles and drones. In light of several high-profile ransomware attacks that have made the news recently, our Board asked me to buy additional insurance cover to protect the business from risks like reputational damage and cyber-attack that aren’t covered by the polices we already have.


When I told my broker what I was looking for, she told me that Lloyd’s was the go-to market for offering innovative insurance products for complex risks and that it had taken big steps to make getting coverage easier than ever before. She said Lloyd's has created a state-of-the-art digital platform to support sourcing and placement for these (and other) complex products. The policy process is automated across quote, issue and bind in a single digital end-to-end workflow. After discussing my needs with my broker, she uploaded my details and preferences onto the platform, including the geographical coverage I needed (which can be accommodated by Lloyd’s licensing network). The platform supplies high quality, consistent data to the market and my needs are automatically matched to a panel of syndicates, who have pre-defined their risk appetites and areas of expertise within the system.


This matching process informed my broker precisely who would be the best-placed and most willing to work with us, and, after selecting a shortlist from this group, she approached them to design a bespoke solution for my needs, using the data already uploaded to the platform.


The syndicates use Lloyd’s modular approach to product design to quickly offer quotes and this process is integrated entirely within the digital platform. When my broker has to discuss policy design with the underwriters, she sometimes goes into the Lloyd’s building to meet them face-to-face; at other times she uses the platform’s online video chat system.


Freeing syndicates from the burden of administrative tasks means that they can focus on what they do best: ensuring the highest quality of underwriting and carrying out expert digital analysis. Several syndicates were quickly able to develop bespoke coverage for our needs.

Furthermore, because syndicates proactively defined preferences for subscription on the platform, the policy was almost instantly filled with appropriate capacity once my broker had agreed terms with a leader. She clarified a few points and negotiated three specific contract clauses, and that was it. All documentation and payments were handled seamlessly by the platform and I had the policies and coverage my Board asked me to get.

My broker assured me that, should we need to make a claim, the process was transparent and easy to track online. She also told me that, through the broader Lloyd’s ecosystem, she could recommend some services that would help me reduce the risk of ransomware over time – potentially enabling me to reduce the cost of renewal next year.


Lloyd’s has taken the hassle out of buying the innovative, competitive products that give me the coverage I need.



It should be easier and cheaper to do business and innovate at Lloyd’s.

Will creating a more digitised and automated process for all types of risk support better underwriting, and help us serve customers more easily and effectively?

How could we do this even better?

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