The Future at Lloyd's
Over the last six months, my team and I have been listening to the views and insights of stakeholders around the market...
Over the last six months, my team and I have been listening to the views and insights of stakeholders around the market and across the world to understand where Lloyd’s long-term focus should be. The feedback we have received so far has helped us identify six possible ideas to help us respond to the challenges faced by the insurance industry and to seize new business opportunities.
Today, we are publishing The Future at Lloyd’s, a bold new vision which sets out a number of transformational initiatives that could shape the future of the world’s insurance and reinsurance market.
The proposed solutions focus on delivering higher quality risk protection for the market’s customers along with simplifying access thereby lowering the cost of doing business at Lloyd’s. Potential solutions could include:
• A platform for complex risk that makes doing business easier and enables efficient digital support for the placement of the most difficult-to-cover risks.
• Lloyd’s Risk Exchange allowing 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 solution, 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.
The publication of the prospectus marks the beginning of a wide-ranging consultation and blueprint development involving Lloyd’s unique ecosystem of market participants, customers and other stakeholders. The consultation will run for around 10 weeks - to take part please go to The Future at Lloyd’s. Work on building and delivering solutions is due to start from October 2019, with some operational in early 2020. Importantly, however, we will identify and implement quick wins earlier where we can.
Together we have a tremendous opportunity to reimagine Lloyd’s and build a marketplace that is future focused, highly responsive to the changing and diverse needs of our global customers and which fosters a culture of inclusivity and innovation.
We look forward to defining the future at Lloyd’s with you.