The committee will be responsible for supporting the creation of Lloyd’s prospectus
Zurich European chief executive Amanda Blanc and Aon boss Greg Case have been drafted in to help thrash out Lloyd’s future.
Lloyd’s is going through a period of deep introspection following another year of major losses, a slew of sexual harassment allegations at its members and a high cost of doing business that could make it uncompetitive globally.
Lloyd’s has set up a Global and London advisory committee to support its prospectus – ’The Future of Lloyd’s’.
Other big hitters joining the committee include Marsh boss Dan Glaser, Chubb chief executive Evan Greenberg and Willis chief John Haley.
Blanc said: “Ensuring that Lloyd’s is best placed to meet future challenges and opportunities is vital so that the UK remains a world leading insurance market.”
Members of the advisory committees include:
- Amanda Blanc, chair of the Association of British Insurers (ABI) and chief executive, EMEA and Global Bank Distribution, Zurich Insurance
- Greg Case, chief executive at Aon
- Sian Fisher, chief executive at the Chartered Insurance Institute (CII)
- Dan Glaser, president and chief executive of Marsh & McLennan
- Evan Greenberg, chairman and chief executive at Chubb
- John Haley, chief executive at Willis Towers Watson.
The group will work out how they can boost customer service, allow more access to Lloyd’s, cut the expensive cost of doing business and attract the best talent.
John Neal, Lloyd’s chief executive, said: “Together with the feedback and insights we are gathering from our wide-ranging consultation, the advisory committees will play a critical role in providing guidance and advice as we develop and implement a blueprint for the future at Lloyd’s.”
The future of Lloyd’s
The prospectus was originally launched on in May and a wide-ranging consultation followed.
Work will begin on new services and products in October, with some ready for first launch early next year.
It outlines six ideas outlined on how the market could transform the way it delivers value to its customers:
- 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.
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