Lloyd’s makes online move

CENTURIES-OLD insurance market Lloyd’s of London is planning to embrace the digital age and put a large part of its business online.

Lloyd’s, which dates back to a coffee house in 1686, plans to start offering cheap basic contracts over the internet.

At present most business is still done on paper, with ship sinkings recorded on a ledger using a quill pen.

But the firm is planning major reforms which will see contracts such as small marine cargo agreements handled over the web, using a system called Lloyd’s Risk Exchange.

The more complicated deals will still be dealt with in the trading hub, which has operated in the same way for decades and revolves around faceto-face haggling.

Boss John Neal said: ‘Insurance as a sector has got to speed up in a tech-driven world. Potentially this could halve the cost of doing business.’ It comes as Lloyd’s battles accusations of sexism.

A Bloomberg investigation last month found widespread claims of harassment and intimidation at the market.

Women claim they have been referred to as ‘totty’ and even assaulted by senior colleagues working for firms inside Lloyd’s.

The organisation is now taking action to ban offenders from the building and Neal has vowed to clean up its act.