Brit has partnered with Lloyd’s to launch the first continuous binder at the insurance marketplace, scheduled to go live in January.
According to Brit, continuous contracts are a key part of the “Future at Lloyd’s” vision for delegated underwriting. The new type of contract seeks to become more efficient by doing away the traditional annual renewal cycle, which is often time- and labour-intensive. Annual renewals are also often confirmed just weeks or days before expiry and could be disruptive to a coverholder’s businesses, Brit said.
Throughout the lifetime of a continuous contract, it will undergo a regular and data-driven review process, which will also increase overall visibility of performance.
“We are excited to be piloting these contracts, which reflect our ongoing commitment to supporting Lloyd’s ‘Future at Lloyd’s’ vision as well as making it easier for our key strategic partners to do business with us,” said Joy Ferneyhough, chief experience officer of Brit. “By innovating the traditional approach to delegated underwriting, continuous contracts will help remove the disruption that can often occur with traditional policies while empowering our underwriters with better data and more visibility over performance. We were pleased to work with Lloyd’s and two of our longstanding broker partners, Amwins Global Risks and Bowood, on this, and hope to extend this pilot in the future. The pilot also builds on our Coverholder Strategy Partnerships Programme, which is aimed at enhancing how we engage with our key strategic partners. We’re pleased with the successes we’ve already seen and look forward to further evolving our coverholder proposition.”
Brit is looking to expand the pilot programme in the future to benefit more coverholder partners and Lloyd’s follow markets.
