Lloyd’s: new technology improves coverholder reporting

by Gill Montia

Story link: Lloyd’s: new technology improves coverholder reporting

Lloyd’s of London has announced that it is making life easier for its coverholders with new technology.

The market has around 2,600 coverholders globally, who bring in around 30% of premium, and a programme is underway to enhance and promote the coverholder channel for the future.

Last week saw the launch of a standard “bordereau” (set of data) for coverholders to use when reporting premium, tax and regulatory information to London.

The new standard sits alongside the Lloyd’s exposure management standard for property risk information, live with ACORD (the insurance standard’s body).

According to Lloyd’s: “This may sound like a small and rather bureaucratic step but it is in fact a giant leap towards the plan to use technology in the coverholder distribution channel.”