London, United Kingdom, April 2, 2019
ConnectUW platform recognised by Lloyd’s for electronic placement
ConnectUW, a London-based (re)insurtech MGA and Lloyd’s Coverholder, announced today that its Connect Marketplace platform, has been conditionally recognised by Lloyd’s for electronic placement.
Connect Marketplace is a cloud-based underwriting distribution and e-trading platform that enables digital underwriting, processing, third party accounting and document control, and distribution globallyof (re)insurance business, working predominantly with London and Lloyd’s brokers and cover holders to provide a global London Market Gateway. ConnectUW is already working with leading insurers to distribute specialty products via the platform, including ArgoGlobal, Aspen Insurance and Chaucer.
The recognition means that any business traded on the Connect Marketplace platform can be counted towards the target percentages set by Lloyd’s that each Lloyd’s syndicate places electronically.According to Lloyd’s, adoption of electronic placement platforms will increase efficiency, reduce back office costs, and most importantly improve customer service.
Connect Marketplace already supports distribution initiatives in Europe and internationally, such as for GBN Worldwide, a global insurance network that operates in over 140 countries.
Jamil R. El Bahou, the Chairman and Chief Executive of ConnectUW commented:
“We are extremely excited to share our platform with the London Market and we are a big supporter of the London Market TOM programme. Our platform focuses on developing global distribution and bringing ‘blue ocean’ business to London that was previously un-economic to write, which fits nicely with the e-trading initiative and Lloyd’s plans to reduce its cost-base”.
Notes to Editors
Enquiries: Jessica Stephenson, Director of Marketing Communications ConnectUW
T: 020 7680 2467