Magazine date:
Dec 2018 As early as 2019, insurance and reinsurance brokers who refuse to digitalize their business may be expelled from the market by Lloyd's of London.
In July 2016, Lloyd's introduced an electronic processing system which did not have the expected success with brokers who have continued to favor paperwork.
By the end of the first quarter of 2019, each syndicate will be required to have underwritten at least 40% of its policies via the electronic system. This percentage is expected to increase to 50% by the end of the second quarter.
Should a broker refuse to go digital, he could run the risk of being excluded from the market.