Lloyd's is set to undergo a new wave of technological evolution under the leadership of its recently appointed chief executive, Richard Ward.
Making his first keynote address at the CII's UK Insurance and Financial Services conference, Ward outlined the challenges facing the London market which, he said, “we cannot ignore”.
He said: “There is room for improvement. No one could fail to notice the four tons of paper that the market generates everyday.
“With the industry reputation at an all time low, there has never been a greater need to improve the level of service to our customers and the clarity of business processes.”
Ward added that the collapse of Kinnect earlier this year “highlighted the need for us to think about how we use technology to support market processes.”
He quashed speculation that he would move to close down Lloyd's trading floor, as he did in his previous role at the International Petroleum Exchange, saying: “Lloyd's will have a trading floor for the foreseeable future”.
