WTW is collaborating with Liberty Specialty Markets (LSM) and Markel International to launch the pilot phase of a new digital commercial insurance platform.
The upcoming platform has been designed to enable multiple insurers and brokers to trade complex specialty risks in real time. It will cover both renewals and new business during the pilot phase, with the support of various insurers like LSM and Markel across short-tail and long-tail product lines.
According to Richard Clarkson, head of London market consulting at WTW, the market-led platform is a “step change in digital trading,” where users will benefit from “significant operational efficiencies by improving the speed and cost of doing business through digitisation, automation and better use of data.”
Today, digital connectivity between stakeholders is increasingly recognised as essential to modernise the insurance value chain, maintain competitiveness, drive better client solutions and sustain the relevance of the insurance industry.
The platform came to fruition after WTW observed how inflexible legacy systems and incompatible digital practices can often lead to fragmented end-to-end operations. For Clarkson, it is no longer enough to improve one part of the transaction but to see to it from beginning to end.
“We are committed to embracing technology to transform the way we do business with our brokers and partners,” said Carol Baker, head of digital strategy and global products at LSM. “Our digital team is delighted to be working with WTW, who are at the forefront of distribution with this innovative digital solution. This platform will enable efficient trading with transparent processing in real time that will deliver exceptional customer value and power profitable performance.”
“As part of Markel’s ambitions to become the leading specialty insurer in its chosen products, we are making important advances in sourcing innovative and more efficient ways of conducting business,” said Andrew McMellin, managing director for wholesale at Markel. “We are pleased to collaborate with WTW to pilot a technology platform like this, offering our broking partners quicker access and greater flexibility and establishing Markel as a go-to insurer for digital trading opportunities.”
