Broker and underwriter footfall at Lloyd’s rises after underwriting room revamp

Face-to-face trading at Lloyd’s of London appears to be on the rise as underwriter and broker footfall increased during the first six months of 2024.

According to figures sent to Insurance Times, the number of underwriters entering the Lloyd’s building increased by 17% compared to the first half of 2023, while broker headcount increased 22% during the same period.

The rise came after Lloyd’s refurbished its underwriting room during the summer of 2023.

While digital enhancements were made, chairman Bruce Carnegie-Brown stressed that it would not replace face-to-face contact.

“What underpins the recent transformation of the underwriting room [is] a thoughtful integration of old and new to blend digital transactions with human interactions, artificial intelligence with emotional intelligence and machine learning with learned experience,” a Lloyd’s spokesperson said.

“As the world’s oldest hotdesking space, Lloyd’s has always provided a place for brokers and underwriters to convene and collaborate to underwrite the world’s risks.

”This means identifying where technology can simplify and improve our processes, while freeing brokers and underwriters to provide the expert advice and counsel our customers need in uncertain times.”

New boxes

Prior to the refurbishment, the London and International Insurance Brokers Association (Liiba) noted in a report, published in June 2023, that underwriters had reduced their time at the box to only Tuesdays, Wednesdays and Thursday mornings.

It also found that insurers’ attendance rotas, which tend to be circulated to brokers on Sundays, were often left unfulfilled.

The decision to revamp the underwriting room followed an extensive market wide consultation conducted by Lloyd’s in Q1 2021.

Since reopening, several firms have opened up boxes, among them being managing general agent (MGA) Pen Underwriting.

Adrian Scott, international managing director at Pen, told Insurance Times: “We see huge benefits in continuing to invest in both digital distribution and face-to-face trading, where the in-person platform is as powerful as that offered by Lloyd’s.”

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