Initial rebranding exercise finds gap between Lloyd's market and Lloyd's
More "coherence" is needed between Lloyd's and the Lloyd's market on branding. This is the initial conclusion of the first stage of Lloyd's branding strategy.
After 120 key interviews across the Lloyd's franchise, spanning the US, UK, Asia and continental Europe, Lloyd's will over the next six to 12 months put together a document of brand values.
Lloyd's worldwide markets director Julian James said: "What we hope to achieve is greater coherence of the use and clarity of the Lloyd's brand, within the market and globally."
He said that the fundamental issue for the Lloyd's brand was making sure "the market is financially secure".
"We cannot have a great brand if we carry on losing £2bn a year as we have done in some years. That means there must be brand value in every person in the market.
"From the feedback of managing agents, brokers, risk managers, capital providers and major opinion formers, we know that there are two distinct features: Lloyd's as a worldwide trading platform with the access that brings; and the power of the brand reach and how people want to be associated with it."
Lloyd's head of brand strategy Geoff Dodds said that "a couple of hundred" franchisees will receive a "polite response" based on the feedback from the focus group discussions. Over the next six to 12 months the information will be collated and digested and then Lloyd's will go back to the market with its brand values.
"The whole branding strategy is a three-to -five year project," added Dodds.
Dodds said Lloyd's would be continuing to work with brand consultancy Saffron, headed by brand guru Wally Olins. James admitted that the Lloyd's team had "a number of spirited debates" with Olins and his team.
"We haven't always agreed on the approach but we are still talking and working well together," said James.
