WTW, a global advisory, broking, and solutions firm, has announced a new partnership with insurers Liberty Specialty Markets (LSM) and Markel to launch the pilot phase of an innovative digital commercial insurance platform.
The market is increasingly recognizing the importance of digital connectivity and commercial risk trading among all stakeholders in modernizing the insurance value chain, maintaining competitiveness, driving better client solutions, and ultimately sustaining the insurance industry’s relevance. However, rigid legacy systems and incompatible digital practices can frequently result in fragmented end-to-end operations.
“One of the market’s greatest challenges is to make doing business easier from beginning to end – not just one part of the transaction,” said Richard Clarkson, Head of London Market Consulting at WTW. This new platform, developed in collaboration with LSM and Markel, represents a watershed moment in digital trading, particularly in a market as complex as London. Users will benefit from significant operational efficiencies by improving the speed and cost of doing business through digitization, automation, and better use of data, which will be supported by cutting-edge technology that will transform how brokers and underwriters connect and trade.”
The platform has been designed to allow multiple insurers and brokers to trade complex specialty risks in real time using globally recognized data standards. The pilot phase of this market-led solution, which covers both renewals and new business, is supported by several insurers, including LSM and Markel, across short-tail and long-tail product lines.
“We are committed to embracing technology to transform the way we do business with our brokers and partners,” said Carol Baker, Head of Digital Strategy, London and Global Products at LSM. Our digital team is thrilled to be collaborating with WTW, who are at the forefront of distribution with this cutting-edge digital solution. This platform will enable efficient trading with real-time transparency, delivering exceptional customer value and powering profitable performance.”
“As part of Markel’s ambitions to become the leading specialty insurer in its chosen products, we are making significant advances in sourcing innovative and more efficient ways of conducting business,” said Andrew McMellin, Managing Director, Wholesale at Markel International. We are excited to work with WTW to pilot this technology platform, which will provide our broking partners with faster access and greater flexibility, while also establishing Markel as a go-to insurer for digital trading opportunities.”