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.
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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.
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By GlobalDataLSM 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.”
