Commenting on the electronic placement data issued by LMG this morning, Simon Matson, CEO of Gallagher’s broking and underwriting business in the UK, said:
“The digitalisation of trading at Lloyd’s has changed significantly over the past 12 months, enhancing our ability to quote, negotiate, bind and endorse increasingly complex risks. At Gallagher we have made huge steps forward and in the last month achieved nearly 80% of London market risks being processed on PPL. For a business of our size and scale this is a great result.
“Making electronic placement the norm across the London market will be a crucial component of the work on the Future@Lloyd’s – streamlining the value chain and bringing customer benefits. For 2020 the focus will be on the use of quote and how we can work with underwriters to minimise turnaround time.
“These are great steps forward, however I firmly believe technology cannot replace customer advocacy and human negotiation which is vital for the complex risks underwritten at Lloyds and as such relationships between brokers and underwriters remain the backbone of the London market.”