Liberty Specialty Markets Contractors All Risks (CAR) book supported by digital capabilities through leading market broker

  • Published on

    08 May 2024
  • Reading time

    2 min.

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the launch of a new Contractors All Risks (CAR) digital trading solution built in collaboration with Howden. This joins the existing CAR digital trading solutions built separately; one with WTW and one with another leading broker, meaning LSM London’s CAR book is now supported by digital capabilities across its key broking partners.

The integrated digital trading solutions automate the quote and binding process for construction projects. This significantly reduces the number of manual touchpoints in the quotation of small-scale UK business. It speeds up the underwriting process, providing clients with quotes and policy documents quickly and efficiently. 

The digital portfolio collates information via internal reporting capabilities, providing underwriting teams with better-quality risk information and allowing for more informed data-driven portfolio-level decisions. Leveraging LSM’s solution components and rating, the three broking platforms are a commitment to creating a digital trading solution that will add value for all stakeholders. The platform with Howden launched in May 2024, WTW was launched in 2023. 

Christopher Jones, Underwriting Manager, Construction and Casualty, LSM said: “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.”

Andrew Birt, Executive Director and Head of UK Projects, Construction & Infrastructure Assets, Howden, 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.”

Lou Smith, Global Lead, Neuron, WTW, commented: “We first launched Neuron, WTW’s digital commercial trading solution, over 12 months ago in collaboration with LSM. 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."