Lloyd’s of London insurance market is set to move to electronic exchanges next year. The 330-year old market will allegedly strip out £1 billion of costs from the London insurance market. In the wake of the take-over by executive John Neal, Lloyd will use more tech. Reports suggest the company is set to build a two-tier online system which will help the efficiency of brokers to place risks with underwriters.

The new development was seen as a part of a six-point consultation. Lloyds had recently faced claims on sexism, high-costs, and arcane structures. Reports allege, that the program will also encourage fresh, young talent to come aboard on the market and to produce new sources like hedge funds. Lloyd’s upcoming high-tech plan is bound to change its set culture off its previous repute of ‘lack of diversity’. Moreover, the plan will also make room for underwriters to deal with immediate risks and also to elevate the speed of share trading.

According to the reports, the insurance company aims to curb the costs of insuring standard risks to 10-20 percent of current premiums.  Further negotiations on the strategy will take place in May and June. Through this Lloyd’s aims to implement proposals from early 2020.

Lloyd’s recent electronic revamp has been a slow progress. The company has previously been victimized of steep losses in the past two years and has also received threat from other growing insurances centers like Bermuda. The company has 99 syndicate British and international members.  The insurance company started in Edward Lloyd’s coffee house in 1688 and has the tradition of insuring ships as well as paintings.