Banking InsurTech News

WTW Collaboration With Liberty Specialty Markets and Markel Moves Insurance Industry Closer to Digital-First Marketplace

WTW Collaboration With Liberty Specialty Markets and Markel Moves Insurance Industry Closer to Digital-First Marketplace

Integral to WTW’s wider strategy to transform digital capabilities across the entire value chain, the venture will improve connectivity, giving brokers efficient, flexible trading options and insurers speed and scale

WTW, a leading global advisory, broking and solutions company, has announced a new collaboration with insurers Liberty Specialty Markets (LSM) and Markel, launching the pilot phase of an innovative digital commercial insurance platform.

Digital connectivity and trading of commercial risks between all stakeholders is increasingly recognised by the market as essential to modernise the insurance value chain, maintain competitiveness, drive better client solutions and ultimately sustain the relevance of the insurance industry. But inflexible legacy systems and incompatible digital practices can often lead to fragmented end-to-end operations.

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Richard Clarkson, Head of London Market Consulting at WTW, said: “One of the market’s greatest challenges is to make doing business easier from beginning to end – not just one part of the transaction. Developed in collaboration with LSM and Markel, this new platform signals a step-change in digital trading, especially in a market as complex as London. Underpinned by cutting-edge technology that will transform how brokers and underwriters connect and trade, users will benefit from significant operational efficiencies by improving the speed and cost of doing business through digitisation, automation and better use of data.”

Using globally-recognised data standards, the platform has been designed to enable multiple insurers and brokers to trade complex specialty risks in real time. Covering both renewals and new business, the pilot phase of this market-led solution is supported by various insurers, including LSM and Markel, across short-tail and long-tail product lines.

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Carol Baker, Head of Digital Strategy, London and Global Products at LSM, commented: “We are committed to embracing technology to transform the way we do business with our brokers and partners. Our digital team is delighted to be working with WTW, who are at the forefront of distribution with this innovative digital solution. This platform will enable efficient trading with transparent processing in real time that will deliver exceptional customer value and power profitable performance.”

Andrew McMellin, Managing Director, Wholesale at Markel International, said: “As part of Markel’s ambitions to become the leading specialty insurer in its chosen products, we are making important advances in sourcing innovative and more efficient ways of conducting business. We are pleased to collaborate with WTW to pilot a technology platform like this, offering our broking partners quicker access and greater flexibility and establishing Markel as a go-to insurer for digital trading opportunities.”

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