Journey overview

Placing risk in the open market

Risk placement

Submission and quote

  • Two women working together at a desk
    Broker builds out the risk contract details with the client
  • Two people in the Lloyd's underwriting office with the bell
    Broker presents the risk to the underwriters in the market
  • Two people sat at a desk talking about quotes
    Underwriter reviews the contract, negotiates the risk with the broker, and provides a quote

Risk placement

Firm order and bind (written lines)

  • A man sat at a desk on a computer with a checklist
    Underwriter conducts relevant compliance reviews of the contract pre-bind
  • Two people shaking hands
    Broker confirms the quote is accepted by the client, and the underwriter confirms the offer and binds the risk 

Risk placement

Signing down and contract complete

  • Group of men and women discussing risk
    Broker signs down the placement for risks that are oversubscribed, to ensure it adds up to 100%
  • Tax and accounting data
    If required, broker and underwriter provide tax and accounting data to complete the Core Data Record (CDR)

Premium processing and payment

Accounting and settlement

  • A woman at a desk on a computer with finance icons above her
    Broker creates the accounting instructions
  • Group of men and women discussing risk
    Broker provides relevant information for processing
  • A woman sat at a desk with a question mark above the computer
    Broker may receive queries for more information
  • A woman on a laptop sending money
    Once the premium is paid by the client, the broker triggers payment of the premium to underwriters
  • A man receiving a notification on an iPad
    Underwriter receives a notification when the funds have been settled
  • The industrial Lloyd's building
    The Corporation receives the relevant tax and regulatory data

Pain points

View the pain points that our new digital solutions are addressing for placing risk in the open market. 


We’re delivering several solutions which are transforming how we’re placing risk in the open market. Learn more about these solutions, including our progress, benefits and where to find out more.   

Related steps