News Reinsurance12 Jul 2019

Global:The Future at Lloyd's blueprint set for release on 30 Sep

| 12 Jul 2019

Lloyd's, the world's leading insurance and reinsurance marketplace, is beginning to build a blueprint for its Future at Lloyd's strategy as a consultation exercise, that started on 1 May, on proposals for transforming the marketplace draws to a close.

The blueprint for the Future at Lloyd’s will be published on 30 September.

Lloyd's consultation on six transformational initiatives proposed generated more than 4,000 insights over a 10-week period, including almost 500 online survey respondents and 300 interviews involving more than 600 people, Lloyd's said in a statement.

This has captured feedback from the broadest range of the market’s ecosystem of participants, customers and stakeholders in the UK, and across Lloyd’s Global Network, with the majority reporting that they are confident the proposals will deliver the aims of the Future at Lloyd’s, the statement said.

Mr John Neal, Lloyd’s CEO, said: “The reimagining of the Lloyd’s platform, through a set of plug-and-play ideas that could revolutionise the way we do things, offers our market an incredible chance to create the most customer-centric digital insurance platform in the world. The outstanding level of support we have received so far through our open and extensive consultation demonstrates that the Future at Lloyd’s goals and proposals offer a compelling and relevant foundation on which we can begin building a blueprint.”

Mr Jon Hancock, Lloyd’s Performance Management Director, added: “The feedback we have received over the past 10 weeks has been instrumental in helping us shape the ideas and next steps for the Future at Lloyd’s, and demonstrates the value of the bottom-up approach we have taken from the outset. As we begin creating the blueprint, we will continue to work with all of our stakeholders to refine and develop the proposals, ensuring that they are representative of the feedback and help us plan and prioritise.”

In parallel, the work now begins in earnest to build and deliver prototypes, with some solutions operational in early 2020. The recently announced Global and London advisory committees have also had their initial meetings, with both committees playing an important role in providing guidance and advice

Six proposals

The six new ideas outlined in The Future at Lloyd’s illustrate how the market can respond to challenges and seize opportunities to transform the way it delivers value to its customers. They are:

• A platform for complex risk that makes doing business easier and enables efficient digital placement of the most difficult-to-cover risks.

• Lloyd’s Risk Exchange through which less complex risks can be placed in minutes at a fraction of today’s costs.

• Flexible capital that can simply and effectively access a diverse set of insurance risks on the Lloyd’s platform.

• A Syndicate-in-a-Box, which offers a streamlined opportunity for innovators to bring new products and business into the market. • A next generation claims service that improves customer experience and increases trust in the market by speeding up claims payments. • An ecosystem of services that helps all market participants develop new business and provide outstanding service to their customers.

Goals

The goals of The Future at Lloyd’s are:

  • Better value for customers through cutting-edge risk management products and services,
  • simplifying access to the market,
  • reducing the cost of doing business, and
  • building an inclusive, innovative culture that attracts the best talent.
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