Pain points

Placing risk in the open market

No unified view of data



Data sheets

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
    Pain point not applicable to this step
  • Two people sat at a desk talking about quotes
    Underwriter reviews the contract, negotiates the risk with the broker, and provides a quote

    There is no centralised quote capability

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
    Pain point not applicable to this step
  • Two people shaking hands
    Broker confirms the quote is accepted by the client, and the underwriter confirms the offer and binds the risk
    Pain point not applicable to this step

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

    Full visibility of tax and accounting data is not always available early in the process, delaying downstream processing

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
    Pain point not applicable to this step
  • A woman holding a loading sign with a cloud above it
    Broker provides relevant information for processing

    Information is submitted in different formats, which needs to be checked manually and validated by central processing services

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

    The most current master risk data is held in the central processing services platform and is updated to reflect the queries; these updates do not flow back to broker and underwriter systems until the risk/endorsements are signed

  • A woman on a laptop sending money
    Once the premium is paid by the client, the broker triggers payment of the premium to underwriters
    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

    Lack of structured data and audit trails of information; additional data must be collated to supplement the signed down data from the placement process to create regulatory reports

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

Previous Paper is still the method of data transmission
Next Late identification of errors