London, UK (May 1, 2019) – Lloyd’s has unveiled a bold new strategy with a number of transformational initiatives that could shape the future of the world’s (re)insurance market
The proposals are focused on delivering higher-quality risk protection for the market’s customers. They also offer ways to simplify access to the global insurance market, together with lowering costs of doing business at Lloyd’s.
The publication of this strategy marks the next phase of wide-ranging consultation and blueprint development involving Lloyd’s unique ecosystem of market participants, customers and other stakeholders. Work will begin on building and delivering prototypes from October 2019, with some operational in early 2020.
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.
“Lloyd’s unique attributes – the ability to access unparalleled underwriting expertise, financial security and market access all in one place – are more relevant today than ever,” said John Neal, CEO, Lloyd’s. “However, a dynamic risk environment combined with rapid advancements in technology have fundamentally changed the world. Lloyd’s is changing too, driven by a desire to provide the best (re)insurance products and services available anywhere.
“We will succeed by harnessing the entrepreneurial and innovative spirit that is at the heart of Lloyd’s. 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, with a culture of inclusivity and innovation.”
“Throughout its history Lloyd’s has always sought to reinvent itself by remaining at the forefront of insurance innovation,” said Bruce Carnegie-Brown, Chairman of Lloyd’s. “The proposals we have announced today represent the culmination of months of engagement with stakeholders across the market and around the world. I believe they will set Lloyd’s up for success for the years to come.”
“At LIIBA we have welcomed the very collaborative approach that Lloyd’s has taken to drawing up these ideas and in seeking our help,” added Chris Croft, CEO of the London & International Insurance Brokers’ Association (LIIBA). “We share a common central objective: a strong, vibrant, innovative Lloyd’s market must be a key part of the offering we make to our clients. The ability to find cover for clients that is simply not available elsewhere has always been at the heart of London’s unique offering. We must ensure it retains and grows that ability, and we look forward to discussing what happens next.”
“These initiatives remind us of Lloyd’s centrality to the global insurance market and its determination to remain central to it as the world evolves,” said Bronek Masojada, CEO of Hiscox. “We look forward to working with all our Lloyd’s colleagues to bring these ideas to realisation.”
“Today’s launch of The Future at Lloyd’s demonstrates John Neal’s commitment to put Lloyd’s at the front of the insurance flotilla,” added Sheila Cameron, CEO of the Lloyd’s Market Association. “It offers an exciting view into how our shared marketplace can evolve and we are excited to work together with Lloyd’s on building out this braver future for the ultimate benefit of our customers.”
Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.
The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.
Lloyd’s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd’s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd’s Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £32billion per annum.
Source: Lloyd’sTags: Lloyd's, strategy