Lloyd’s introduces electronic placement
Wednesday, 03 21 2018, Category: Technology, Country: United Kingdom
The Lloyd’s of London marketplace has announced that it is to issue a mandate for electronic placement, which will require syndicates to progressively write more of their risks electronically.
After Q2 2018, all Lloyd’s syndicates will be required to write at least 10% of their risks electronically, rising to 20% in Q3 and 30% in Q4, with further targets to be confirmed later in the year.
Lloyd’s claims the mandate will encourage the market to transition from paper to digital and realise the benefits of electronic placement.