WTW has announced that Liberty Specialty Markets (LSM) will be an early adopter of Neuron, its digital trading platform designed to modernise the placement of specialty risks.
The aim is that it will offer brokers a more flexible way to trade risks and support portfolio underwriting strategies. The platform is expected to improve the speed, scale, and efficiency of placing follow-line business.
WTW launched Neuron in 2023, a digital insurance platform designed to enhance connectivity and efficiency between underwriters and brokers. Neuron facilitates data exchange and improved cost-effectiveness through digitization and automation.
The collaboration is part of a broader shift in the London Market towards digital solutions aimed at streamlining risk placement.
It is also not the first collaboration between LSM and WTW – May last year saw the former launch a new digital trading solution Contractors All Risks (CAR), developed with Howden and joined under the existing digital trading solutions that the firm had built with WTW.
Louise Smith OBE (pictured above), global lead for Neuron at WTW, described LSM’s participation as a milestone in WTW’s efforts to connect global risks with capital and enhance digital capabilities.
Last year, WTW also bolstered the platform with the appointment of Parveen Kaur as global leader of operations, strategy execution, and data for Neuron. Kaur was brought in to ensure the scalability and sustainability of Neuron’s operations, with a strong emphasis on innovation and efficiency.
Concurrently, Lloyd's of London has been advancing its digital transformation initiatives, notably through the implementation of Blueprint Two. The program aims to transition the traditional insurance marketplace into a data-centric, digital ecosystem, enhancing operational efficiency and user experience.
Despite these advancements, the efforts have not been without hiccups. Lloyd's has encountered challenges in its digital transition, including delays in IT projects critical to its modernisation efforts. These setbacks have caused frustration among market participants and highlighted the complexities inherent in overhauling legacy systems within a historic institution.
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