Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

Business News

'Game-changer' app helps Lloyd's to bin the paperwork

A digital revolution has taken place at Lloyd's of London as the 325-year-old insurance market moved closer to a life without paper.

The technology group Xchanging launched Lloyd's first interactive app, which it claims will enable underwriters and brokers to work on iPads instead of carrying around the reams of paper usually seen at One Lime Street.

Richard Ward, Lloyd's chief executive, described the launch of the X-presso app as a "game-changer". There are believed to be about 25 million different types of document available in the market.

"When I started at Lloyd's, I remember seeing a lady walking around with an enormous suitcase," Mr Ward said. "I asked her: 'Are you off on holiday?' She simply replied: "No, this is how we transport our claim forms about.'"

The app is expected to be rolled out across the market over the next few months. Brokers and underwriters will be able to access free Wi-Fi across the City.