Lloyd's chairman Lord Levene will outline a four-point plan to restore confidence in the insurance industry at the Philadelphia Risk and Insurance Management conference tonight.
Levene will aim to hammer home the importance of: eliminating conflicts of interests, increasing transparency; working with regulators to develop and require adoption of ethical principles of behaviour; communicating more effectively with other industries; and working with the board of directors, chief executives and chief finance officers.
He will tell business leaders at the Philadelphia Club: “If we are to retain the confidence of the key player in all of this – the customer – we need full disclosure and complete transparency about who is doing what exactly, for whom, on what terms and at precisely what cost.
“Becoming more transparent also means doing a better job at communicating how we work to those outside our industry. And this is a truth which applies not just to the insurance industry, but to all 21st century businesses.”