30 April 2001 (LL38/01) — An internet portal that will give
insurance brokers and intermediaries all over the world direct access to the Lloyd’s
of London insurance market was launched today.
will provide insurance professionals with a clear route to the hundreds of specialist
insurance products offered by Lloyd’s insurers and brokers.
By logging on and inputting details of the type of risk he
or she is seeking cover for, and the relevant country, a broker or insurance professional
will be given details of which insurers and brokers are listing suitable products. From
that point, the broker can contact the parties they have chosen through lloyds.com to
Ashok Gupta, Chief Executive of lloyds.com said:
“For the first time, a broker almost anywhere in the
world will be able to cut through the complexities of Lloyd’s and ask one very simple
question: can you help me or not?
“lloyds.com is a type of insurance internet
introduction agency. We take an intermediary and match their needs with Lloyd’s
insurers and brokers.
“What makes this portal different is that lloyds.com
is aimed at professionals right around the world, not just a single country. The portal
illustrates the choice that is an intrinsic part of the Lloyd’s market. It holds
details of over 1,800 insurance product entries produced by a wide range of Lloyd’s
insurers and brokers.”
Plans to create the portal were first announced in November
last year by Lloyd’s Chief Executive, Nick Prettejohn. Commenting on the site, Mr. Prettejohn said:
“Our research has been telling us for some time that
for intermediaries overseas, Lloyd’s can be a daunting prospect to do business with.
Brokers know that Lloyd’s is synonymous with specialist insurance cover but they do
not know how to find what it has to offer.
“The portal takes the Lloyd’s market squarely into the internet age.
It also enhances our brand by increasing accessibility and transparency.”
The lloyds.com portal currently offers two main services:
Marketfinder – an intelligent search for
products offered by Lloyd’s syndicates and brokers based on risk type and country
Market Intelligence – analysis and comment on
global insurance issues
The portal is available to insurance professionals in most
countries – the only exceptions being countries where regulations prevent it
operating in its current form, and registration for users is free.
An international advertising campaign to announce the
portal’s presence will begin this week in business and insurance media. In addition,
over 7,000 UK insurance professionals will be invited to take part in an internet
‘treasure hunt’. The aim of the hunt is to solve a puzzle by locating certain
pieces of information using the internet. The winner of the hunt will receive two free
business-class air tickets around the world.
Lloyd’s is the world’s leading insurance market
with a capacity to accept insurance premiums of more than �11 billion. In 2001, 108
syndicates are underwriting insurance at Lloyd’s, covering all classes of business
from more than 100 countries worldwide. Approximately five per cent of world reinsurance
is placed at Lloyd’s which also accounts for half of the London market’s
international insurance premiums. The market has an A claims-paying rating from AM Best
and an A+ rating from Standard & Poor’s.
For further information, please contact Lloyd’s:
Lloyd’s Web site: www.lloyds.com