Lloyd’s could mandate electronic placement
Thursday, 02 08 2018, Category: Insurance and Reinsurance, Country: United Kingdom
The specialist Lloyd’s of London insurance and reinsurance marketplace has announced that it plans to proceed with electronic placements to increase efficiency in the market.
“The London Market has made great strides towards modernisation. We have invested time and money in the London Market Target Operating Model (TOM) programme and delivered systems that we know work” said Inga Beale, Lloyd’s Chief Executive Officer (CEO).
Lloyd’s has said that it will “push ahead” with electronic placement to support face-to-face negotiations, increase efficiency in the marketplace, lower back office costs, and provide a better customer service.