Poloworks launches new digital division to support digitisation of London market

Poloworks has launched a new digital market offering to help support the digitisation of the London market through Blueprint Two, a statement released today (19 September 2023) said.

Blueprint Two is Lloyd’s of London’s programme to deliver a digitalised marketplace for its members and is working to create clear data standards, processing capability and automatic claims recognition.

The £300m digital revamp project began in November 2020 following the culmination of Lloyd’s Future at Lloyd’s digital transformation initiative in 2019.

Poloworks’ new service, called Polo Digital, will bring artificial intelligence (AI) to underwriting and broking clients to support the Blueprint Two initiative.

It has been designed to help clients access a range of AI supported digital solutions that involve the creation, storage, transformation and management of underwriting data sets.

“Data integration services are crucial for businesses looking to gain holistic insights from their data,” Poloworks chief executive Paul Andrews said.

“Our new offering will help organisations efficiently capture data, combing it from different sources to create a unified view, a vital step in enabling them to meet the challenging requirements of Blueprint Two market modernisation.”

Roadmap

Polo Digital will become part of Polowork’s services arm – Polo Commercial Insurance Services – and will be headed up by Richard Lawson as chief executive.

“As a major provider of risk capture and exposure management services to the London market, it became apparent in conversations with our clients that digitisation of these business-critical services was key for them and Polo,” he said.

”We have been working on optimising our services to provide digital solutions delivered by subject matter experts at Polo Digital.

”We are very much aware that going forward, brokers will need more full-time support or as the market transitions into the various modernisation initiatives to come.” 

This came after Lloyd’s said Blueprint Two had made strong progress in H1 2023 and was on track to deliver its roadmap throughout 2024 earlier this year (30 June 2023).

Bob James, chief operations officer at Lloyd’s, said: “We are pretty excited about where we are.

“We are not saying that out of hubris or a sense of ‘it’s going to be easy now’, but we are saying it from the standpoint that now is the time to understand the minimum that you’ll need to do to get ready for the deployment of the new digital platform.”