Lloyd’s takes its first steps into the Chinese market

Lloyd’s officially opened its office in Shanghai last month. The reinsurance operation enables the market to access local currency business in China. And it aims to exploit the latest technology to help it lure new business.

Lloyd’s will use Xchanging’s processing software Genius as its core reinsurance system in China, which will enable users to log on as either a Chinese or English speaking user, and to view screens and develop reports in the appropriate language. It is the first contract for Xchanging in China.

Lloyd’s has also purchased a global licence from internet trading service RI3K, which will enable underwriters at Lloyd’s China to exchange information electronically with underwriter in London.

Alex Letts, chief executive of RI3K, said, “Here in one bound Lloyd’s is showing that the industry’s most important market is also hell bent on becoming the most modern.” He added his belief that China wants to develop an insurance exchange to sit alongside its futures and stock exchanges and that the deal with Lloyd’s will act as a magnet for business.