Pain points

Placing risk in the open market

Late identification of errors

Woman sees error

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
    Pain point not applicable to this step

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%

    There may be a delay in notifications for underwriters when lines are signed down

  • Tax and accounting data
    If required, broker and underwriter provide tax and accounting data to complete the Core Data Record (CDR)

    Late capture of data, delaying the signing down process and contract complete

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 uploads relevant information for processing

    Not all data required for processing is captured at the point of bind, resulting in delays and queries raised when there are errors or gaps in the data

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

    A high proportion of submissions contain errors and are not right first time

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

    Errors in the contract data may not be detected during processing, resulting in future delays

  • A man receiving a notification on an iPad
    Underwriter receives a notification when the funds have been settled

    Received funds are not always in line with expectations because a line may have been signed down and the underwriter may not have been notified

  • The industrial Lloyd's building
    The Corporation receives the relevant tax and regulatory data
    Pain point not applicable to this step

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

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Next Manual intervention and lack of automation