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Blog Post - EMEA

London market insurance: three reasons why history is worth repeating

Senior Software Architect Nic Daniau and UK Product Manager Ellen Kay shine the spotlight on why Duck Creek Technologies is creating a unified platform for the London market

The collaborative spirit that brought together insurers at Lloyd’s three centuries ago is an enduring strength of London’s specialty market. The concentration of professional talent for understanding, placing, and underwriting complex risks remains a winning advantage on Lime Street. We need to harness the same collaborative spirit on a technological front, to solve the problem at hand with pragmatic and cost-effective ideas.

It’s a complex challenge – and certainly an exciting one for us to solve. The key is to provide a single entry point to manage the maelstrom of systems and processes, utilising the power of an open platform and a connected ecosystem.

What’s been missing so far is an end-to-end solution to access the market’s myriad systems via one platform. So what should a single platform to the London market achieve?

  1. Harness the collaborative spirit that built the Lloyd’s market while cutting down on costs and inefficiencies
  2. Streamline market access, consolidating insurers needs and providing connectivity with the plethora of different systems in the market, including electronic placement systems and Lloyd’s Central Services
  3. Help the London market enhance its competitive position and continue to attract new business from around the world

Our idea is to create a unified platform for our clients to achieve this, working as software as a service in partnership with Web Connectivity. This would consolidate global insurers’ technology needs, with global reach, using their existing Duck Creek platform.

The more systems that a unified platform which Duck Creek can support and provide interoperability with, the better. We know this will help our global customers that want to transact business in London, and we want you to know that we’re working on it.

Lloyd’s success is built on a history of shared knowledge and resources. Here at Duck Creek we feel that sometimes history is worth repeating. That’s why we’ve partnered with Web Connectivity to make universal London market access via one platform a reality in 2019.

Read Ellen and Nic’s full article in insurance news publication Coverager

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