An “e-hub” designed to transfer and manage risk more efficiently is the latest technology to come from Lloyd’s technology team at lloyds.com. Known as “Blue Mountain” the electronic hub is designed to connect the systems and processes used by underwriters and brokers.

Project leader Ashok Gupta said the exchange is a platform where brokers and underwriters can trade risks. “We are working to support off-line transactions,” he said.

The system will allow brokers to input risk information to the database from their own systems or a browser. “Chosen wholesale brokers will then receive a message to review their risk by importing data from the database to their own systems,” Mr Gupta said.

Although Lloyd’s is the initial sponsor of the system, it will not have any control. It is designed to lower brokers’ administration time and costs, allowing them to spend more time with their clients.