Pain points

Placing risk in the open market 

Data needs to be re-keyed numerous times 

Man looking at two laptop screens

Risk placement

Submission and quote 

  • Two women working together at a desk
    Broker builds out the risk contract details with the client
    Pain point not applicable to this step
  • Two people in the Lloyd's underwriting office with the bell
    Broker presents the risk to the underwriters in the market

    Negotiation data must be manually keyed in from the broker’s internal system to a placement platform 

  • Two people sat at a desk talking about quotes
    Underwriter reviews the contract, negotiates the risk with the broker, and provides a quote

    Risk data must be manually re-keyed from the contract into broker and underwriter systems in line with discussions 

Risk placement

Firm order and bind (written line)

  • A man sat at a desk on a computer with a checklist
    Underwriter conducts relevant compliance reviews of the contract pre-bind

    Underwriters must re-key data for contract compliance checks using additional Lloyd's online tools, such as Crystal 

  • Two people shaking hands
    Broker confirms the quote is accepted by the client, and the underwriter confirms the offer and binds the risk 

    Key risk data must be taken from the bound contract and re-keyed into various underwriter systems, such as the Policy Administration System (PAS), and any changes need to be reflected in broker systems 

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%

    Percentage changes must be re-keyed into broker systems on sign down

  • Tax and accounting data
    If required, broker and underwriter provide tax and accounting data to complete the Core Data Record (CDR)
    Pain point not applicable to this step

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

    Additional information (e.g. tax payments and expenses deductions) must be collated from numerous sources and re-keyed into market systems 

  • A woman holding a loading sign with a cloud above it
    Broker provides relevant information for processing

    A work package (i.e. contracts, LPANs, tax schedules) must be submitted to central processing services and information re-keyed into mainframe platforms (LIDS or PoSH) 

  • A woman sat at a desk with a question mark above the computer
    Broker may receive queries for more information

    Additional information must be re-keyed into central processing services platforms 

  • A woman on a laptop sending money
    Broker builds out the risk contract details with the client
    Pain point not applicable to this step
  • A man receiving a notification on an iPad
    Underwriter receives a notification when the funds have been settled
    Pain point not applicable to this step
  • The industrial Lloyd's building
    The Corporation receives the relevant tax and regulatory data

    Information required for creating regulatory and tax reports has to be collated manually from numerous sources 

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 

Next Paper is still the method of data transmission