Liberty Specialty Markets (LSM), affiliated with Liberty Mutual Insurance Group, introduces a fresh digital trading solution for Contractors All Risks (CAR), crafted in collaboration with Howden. This latest addition, coupled with previously established CAR digital trading solutions with WTW and another major broker, solidifies LSM London’s CAR book with robust digital support across its primary broking alliances.
This strategic initiative is geared towards enhancing efficiency and enhancing client service within the construction insurance sector. The platforms streamline quoting and binding procedures, with a special focus on aiding small-scale UK enterprises by minimising manual tasks and expediting underwriting processes.
Andrew Birt, Executive Director and Head of UK Projects, Construction & Infrastructure Assets at Howden, and Lou Smith, Global Lead for Neuron at WTW, both underscored the collaborative nature of this endeavour to deliver effective solutions. The Howden platform made its debut in May 2024, while WTW’s launch occurred in 2023.
Birt commented: “Adaptability is crucial for success in today’s ever-changing market. Howden and Liberty have developed a digital trading platform, constructed through cross-market collaboration, harnessing the collective expertise of brokers, underwriters, legal and IT specialists, and project management teams. This innovative system will support and strengthen the longstanding trading partnership between Howden and Liberty, enable us to deliver competitive and efficient solutions for our clients, whilst also capturing real-time management information that can help us evolve and improve the platform.”
“We first launched Neuron, WTW’s digital commercial trading solution, over 12 months ago in collaboration with LSM,” added Smith. “By combining our expertise and leveraging digital capabilities, we are transforming how brokers and underwriters connect and trade. This collaborative effort signifies our commitment to advancing the industry through cutting-edge technology, providing valuable insights and significant operational efficiencies with improved speed and cost of doing business for the benefit of insurers and clients.”
Through internal reporting capabilities, the digital portfolio consolidates information, empowering underwriting teams with higher-quality risk data for informed, data-driven portfolio decisions. Leveraging LSM’s solution components and rating, the trio of broking platforms signifies a dedication to delivering a digital trading solution that enhances value for all stakeholders.
“We are proud to be at the forefront of the movement to digitalise the construction market through the launch of these platforms. Our relationships with our broker partners are crucial to our growth plans and the platforms mark a significant step towards achieving our digital trading ambition. The platforms are a great demonstration of both the partnership between the underwriting, digital and actuarial teams, and excellent collaboration across the market, working to deliver the best value for our clients and business,” said Christopher Jones, Underwriting Manager, Construction and Casualty, LSM.
