The move away from paper at Lloyd’s has been necessitated by rising costs
It was discovered that since electronic trading was introduced in 2016, take-up has been slower than expected. Surprisingly, only 15,000 policies were placed using the electronic system, about 10 per cent of the market’s total.
As a result, brokers and underwriters at Lloyd’s of London will now be required to switch from paper-based to electronic trading. This is a move by the insurance market to cut costs and improve efficiency.
Lloyd's chief executive, Inga Beale, said,
“This is to really stir the market into adoption, we need to work on the hearts and minds and sell the fact that we need to move forward and modernise if we are to remain relevant for the future.”
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