Data-driven underwriting will streamline the management of delegated authority business, drive down market costs and improve profitability for both coverholders and syndicates

As the new year approaches, Lloyd’s needs to take a pragmatic view of the next stage of the market’s evolution

Technology advances in recent years mean Lloyd’s, with minimal input from coverholders, can now electronically compile its own reports using data already held by the market

After transforming the accounting and settlement process, the Ruschlikon initiative is now being expanded into the placement process to facilitate the ultimate goal of straight through processing

The increased use of technology by trade credit insurers will streamline deal flow and significantly expand the volume of business conducted in the market

Time spent in the Lloyd's Underwriting Room can now be optimised for targeted and complex negotiation with numerous markets

Some companies drop back from previous years

Lockdowns have led to rapid acceleration of role of technology in the London market, but lack of face-to-face contact has created challenges, experts say

Now the pandemic’s grip is easing, the London market needs to be clear about its strategic priorities, of which technology is only one part

It is unsustainable for reinsurers to conduct business in the same old expensive and time-intensive way, when they can trade the most complicated treaty risks digitally and transparently

Data standards expanded to help re/insurers with electronic placing

Plans to roll out new version of the London market trading platform, which aims to deliver improved functionality and better data, in 2022