Plans to open the Lloyd’s market to regional brokers across the world is clear proof that Lloyd’s has recognised the role they and technology can play.

Lloyd’s launched its prospectus for its future last week (May 1st, 2019) and Steve Goate, Director of Intermediary Services at Davies said the plans laid out by CEO John Neal will open the market to new distribution channels.

“The aim of Lloyd’s was to reduce costs and provide access to new clients to the market and its capacity,” he said. “We have long said that regional and retail brokers need to be given better access to the Lloyd’s market. A greater use of technology will encourage syndicates to deliver products in a more simplified and efficient manner and will open the market to brokers and intermediaries who at present have not considered Lloyd’s as an option”.

“Wholesale and speciality brokers will continue to be the foundation for the market but steps to allow brokers more direct access to syndicate capacity have to be applauded.”

Goate added: “We have been working with retail and regional brokers to enable faster and more cost effective access to Lloyd’s for many years, and we can only see the blueprint for the future announced today enhancing those efforts.”

“I am sure that there will be a great deal of discussion at the BIBA (British Insurance Brokers’ Association) conference later this month on what this will mean and how brokers will be able to take advantage.”