Lloyd’s will test its digital coverholder matching portal in Australia, New Zealand and the UK in July.

It aims to roll out the portal worldwide next year.

Lloyd’s General Representative in Australia Chris Mackinnon told insuranceNEWS.com.au several factors led to Australia’s inclusion in the pilot, including its robust regulatory environment and strong demand from managing agents for Australian binder business.

He says the well-established and mature local market, consistent growth in the coverholder network, strong demand for change and ease of doing business are other factors.

The portal is designed to match new binder, or coverholder, business with Lloyd’s underwriters in an easy and cost-effective way. Lloyd’s coverholders also benefit from direct access to the London market’s underwriting expertise and capacity.

A second feasibility project, enabling coverholders to place risks under a binding authority and process them directly through a new online portal, is also under way.

“We are looking to build a more sustainable business model at Lloyd’s and for ways to use innovative new technologies to create opportunities for the market to reduce costs, to be more attractive to new business and to make Lloyd’s an even easier place to work,” Chief Commercial Officer Vincent Vandendael said.