WTW, an advisory and broking firm, has formed a new partnership with insurers Liberty Specialty Markets (LSM) and Markel.
As part of the collaboration, the firms will launch the pilot phase of a digital commercial insurance platform.
The platform has been designed to allow numerous insurers and brokers to trade complicated speciality risks in real-time using widely accepted data standards.
Several insurers, notably LSM and Markel, are supporting the market-led solution’s pilot phase spanning short-tail and long-tail policy lines, which cover both renewals and new business.
WTW head of London market consulting Richard Clarkson said: “One of the market’s greatest challenges is to make doing business easier from beginning to end – not just one part of the transaction. Developed in collaboration with LSM and Markel, this new platform signals a step-change in digital trading, especially in a market as complex as London.”
The platform is anticipated to improve operational efficiencies through technology by improving the speed and cost of conducting business through digitisation, automation, and data use.
LSM head of digital strategy, London and global products Carol Baker said: “This platform will enable efficient trading with transparent processing in real-time that will deliver exceptional customer value and power profitable performance.”
Markel International managing director, wholesale Andrew McMellin said: “We are pleased to collaborate with WTW to pilot a technology platform like this, offering our broking partners quicker access and greater flexibility and establishing Markel as a go-to insurer for digital trading opportunities.”