Gallagher expands Evolve strategy with new power portfolio tracker

Gallagher has expanded its Evolve placement strategy with the launch of a new multi-line portfolio tracker solution aimed at delivering automatic follow-form capacity for clients in the conventional power sector.

The Evolve Power facility, backed by capacity from a number of Lloyd’s syndicates, offers immediate and tailored coverage for power risks worldwide. It is the latest addition to the Evolve platform, which launched in February and already spans multiple sectors and geographies, including property, casualty, accident and health, and niche markets such as bloodstock and aquaculture.

Gallagher said the new facility is designed to give clients streamlined access to follow-line capacity that is often difficult to secure in the open market. The offering enables brokers to unlock additional capacity automatically, provided the risk meets a defined set of criteria, allowing them to concentrate on securing the best terms for lead placements.

The facility is underpinned by smart follow technology developed by InsurX, which enables brokers to obtain quotes from insurer partners in minutes via a single email. The technology also gives participating insurers insight into each traded risk.

Jon Parker, chairman of Power at Gallagher, said the development addresses a long-standing challenge for clients seeking efficient placement of follow capacity.

“The new Evolve Power facility is great for our clients as it provides a streamlined solution for placement of follow lines and gives access to accretive Lloyd’s capacity not available in the open market,” he said.

“As long as the risks meet a simple set of acceptance criteria, Evolve will unlock additional automatic follow capacity, allowing our brokers to focus on driving the best deal on open market lines for our power clients,” he added.

The Evolve platform forms part of Gallagher’s broader strategy to integrate data and technology into the placement process. The group said it expects to expand the platform further in response to market demand across other lines of business.