Lloyd’s six bold initiatives receive 'outstanding' support from market participants and stakeholders

Lloyd’s of London has received "widespread backing" from its market participants and stakeholders on its recently-launched strategic plan of  transformational initiatives, including simplifying market access and lowering costs, to ensure the 333-year-old marketplace can thrive in an increasingly challenging environment.

The specialist insurance and reinsurance market launched its " bold new strategy" for the future on May 1, which was followed by wide-ranging consultation involving Lloyd’s ecosystem of market participants, customers and other stakeholders, on the transformational initiatives outlined in the prospectus.

The consultation, which has now closed, 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 it has started building the blueprint, which are expected to be published on September 30. At the same time, it has started work on building and delivering 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 as the blueprint for the Future at Lloyd’s begins development and implementation.

“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,” said John Neal, Lloyd’s CEO.

"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," he added.

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.”

Lloyd's has put forward six fresh ideas in its Future at Lloyd’s prospectus. These include: a digital platform for complex risk that makes doing business easier for the most difficult-to-cover risks; the creation of Lloyd’s Risk Exchange which will handle less complex risks, so they can be placed in minutes and at a fraction of today’s costs; flexible capital that can 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 to improve customer experience and increase trust by speeding up claims payouts; and an ecosystem of services that helps all market participants develop new business and provide outstanding service to their customers.

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