Thousands of London's underwriters took their stamps and fountain pens home last week, which they use to sign insurance contracts, but they won't need them.
The lockdown could prove a watershed moment. If the shift goes off without any major hitches, it will likely smooth the way for the market to go far more digital, underwriters and brokers said.So the mass working from home is effectively a test of the business's prospects for long-term survival as it looks to cut costs and modernize in the face of overseas competition.
Lloyd's already had a plan to move to electronic exchanges, but many brokers and underwriters had resisted, arguing complex transactions were more easily handled face to face.Lloyd's was focused on shipping when it started 332 years ago and, until the closure, a bell still rang on the underwriting floor when a ship sank at sea, and marine insurers recorded the shipwrecks in a loss book with quill pens.
Sue Jacobek, managing director of PPL, said that since the underwriting room closed, the number of users on the system had risen by 15per cent and 150 people a day were going online to learn how to use it.
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