Liberty Specialty Markets (LSM), the international commercial and specialty business of Liberty Mutual Insurance Group (LMIG), has launched a new digital trading solution Contractors All Risks (CAR).
“Adaptability is crucial for success in today's ever-changing market. Howden and Liberty have developed a digital trading platform, constructed through cross-market collaboration, harnessing the collective expertise of brokers, underwriters, legal and IT specialists, and project management teams,” said Andrew Birt, executive director and head of UK projects, construction & infrastructure assets at Howden.
“This innovative system will support and strengthen the longstanding trading partnership between Howden and Liberty, enable us to deliver competitive and efficient solutions for our clients, whilst also capturing real-time management information that can help us evolve and improve the platform,” he added.
The integrated digital trading solutions will automate the quote and binding process for construction products, which will reduce manual touchpoints in quotations and speed up the underwriting process.
As the digital portfolio collates information through its capability to accomplish internal reporting, underwriting teams will have risk information with better quality that will help in making more informed decisions driven by data. The three broking platforms leverage LSM’s solution components and rating which drives their commitment towards the creation of a valuable digital trading solution.
“We are proud to be at the forefront of the movement to digitalise the construction market through the launch of these platforms. Our relationships with our broker partners are crucial to our growth plans and the platforms mark a significant step towards achieving our digital trading ambition,” said Christopher Jones, underwriting manager, construction and casualty at LSM.
“The platforms are a great demonstration of both the partnership between the underwriting, digital and actuarial teams, and excellent collaboration across the market, working to deliver the best value for our clients and business,” added Jones.
Lou Smith, global lead, Neuron, WTW, said the collaboration showcased the firm’s commitment to the industry’s advancement.
“By combining our expertise and leveraging digital capabilities, we are transforming how brokers and underwriters connect and trade. This collaborative effort signifies our commitment to advancing the industry through cutting-edge technology, providing valuable insights and significant operational efficiencies with improved speed and cost of doing business for the benefit of insurers and clients,” said Smith.
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