The ConnectUW QR Difference
As the Lloyd’s and London market transitions into the digital era, there has been much debate surrounding electronic document security as both underwriters and brokers come to grips with the new standards for electronic trading.
At Connect Underwriting, we made it a point to personally enquire with a number of our London broker partners about any challenges being faced by them whilst trying to cover note or produce evidence of cover to their overseas clients especially in emerging markets. The feedback was mixed. The world is accustomed to seeing a good old fashioned signature and stamp, and in a number of markets still a regulatory requirement.
There is no doubt there is no going back for us as a London market. We are in the middle of the largest transformation in decades, and electronic trading is the present and not the future anymore.
To resolve the challenge, we have introduced Connect QR technology to our conditionally Lloyd’s recognized electronic trading platform where our cover notes not only produce electronic unique signature references anymore, but a dynamic QR embedded image that enables our brokers and their clients to verify realtime the status of their coverage, the signed markets and line sizes, and the original premium effectively addressing both security and transparency concerns.
That being said, Connect UW’s mission as an MGA in the digital trading space is over the counter underwriting, processing, and distribution of specialist small and medium business. We are an MGA, and by no means more than a niche player amongst others in a particular segment of the market, but I hope solutions such as our Connect QR solution become mainstream in the London market to safeguard the market’s ability to trade securely.
Oh and by conditionally recognized, we meant our technology is only available to our partner London brokers and markets who write business through ConnectUW Marketplace, our London Market Gateway Initiative!