Which words come to mind when we think of Lloyd's of London? We all consider something along the lines of the oldest, traditional, respected entity in the insurance market.
In this respect, Lloyd's is proving us both right and wrong; whilst it remains to be all of the above, it can also be said that Lloyd's is at the forefront of investment in new technology, innovation and talent.
Today, Lloyd's have released 'The Bridge', a new platform which connects insurance businesses with underwriters to facilitate new cover holder partnerships. This follows the announcement of the upcoming 'Lloyd's Lab', a "fast-track, fast-fail environment" where individuals can submit any technology-driven product or solution for consideration in the upcoming September event.
As well as innovative, these developments also build a web of communities of insurance experts, which enhances knowledge and creates a stronger insurance market for future generations.
The launch is the latest move by Lloyd’s to embrace technology more. This year, Lloyd’s has already pledged to have 80% of business placed online by the end of the year, launched a recruitment drive for technology talent (Lloyd’s Lab) and announced plans to launch a new underwriting portal that will enable coverholders to quote, underwrite risks and issue policies on behalf of Lloyd’s syndicates.