WTW has announced a new collaboration with insurers Liberty Specialty Markets (LSM) and Markel, launching the pilot phase of an innovative digital commercial insurance platform. Digital connectivity and trading of commercial risks between all stakeholders is increasingly recognized by the market as essential to modernize the insurance value chain, maintain competitiveness, drive better client solutions and ultimately sustain the relevance of the insurance industry. But inflexible legacy systems and incompatible digital practices can often lead to fragmented end-to-end operations.

Using globally-recognised data standards, the platform has been designed to enable multiple insurers and brokers to trade complex specialty risks in real time. Covering both renewals and new business, the pilot phase of this market-led solution is supported by various insurers, including LSM and Markel, across short-tail and long-tail product lines.