Lloyd’s syndicates will be required to have no less than 10% of their risks placed electronically from the end of the second quarter, and 30% by year’s end.

The targets were announced in Lloyd’s mandate for electronic placement after discussions with the Lloyd’s Market Association, the London and International Insurance Brokers’ Association and the International Underwriting Association.

Lloyd’s is driving a modernisation program to cut costs and sharpen its competitive edge, and electronic placement is a key plank.

“We must ensure Lloyd’s and the London market moves together and continues to prioritise its modernisation efforts,” CEO Inga Beale said.

“We have agreed the scope and requirements for the electronic placement mandate. Adoption by the market will increase efficiency, reduce back-office costs and, most importantly, improve customer service.”

The electronic placement platform was introduced in 2016, initially for standalone terrorism business. The number of lines has since increased to 36.