It invites comments on the ideas presented on its manifesto

Lloyd’s of London has revealed a new strategy with the aim of simplifying access to the global insurance market, as well as lowering business costs.

The manifesto entitled – “The Future of Lloyd’s” aims to reshape (re)insurance market, while the proposals claim to deliver higher quality risk protection to market’s customers.

From October it will be building and delivering prototypes, some will be operational in early 2020. The publication marks the next phase of consultation and blueprint development involving Lloyd’s ecosystem of market participants, customers and stakeholders.

It invited comments on the ideas presented in its manifesto via various means – attending forums during the blueprint phase, submitting input online, feedback via market association.

The consultation will run for ten weeks and feedback will be used to develop both blueprint and prototypes.

It follows an announcement earlier this week that it will include a proposal for MGAs to be able to underwrite at Lloyd’s.

Relevance

Its chief executive, John Neal, said the ability to access underwriting expertise, financial security and market access all in one place is “more relevant today than ever”.

“However, a dynamic risk environment combined with rapid advancements in technology have fundamentally changed the world. Lloyd’s is changing too, driven by a desire to provide the best (re)insurance products and services available anywhere.

“We will succeed by harnessing the entrepreneurial and innovative spirit that is at the heart of Lloyd’s. Together we have a tremendous opportunity to reimagine Lloyd’s and build a marketplace that is future focused, highly responsive to the changing and diverse needs of our global customers, with a culture of inclusivity and innovation,” he added.

Six key changes were outlined in The Future of Lloyd’s manifesto explaining how the market can respond to challenges and seize opportunities to change the way it delivers value to 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 claim’s payments.
  • An ecosystem of services that helps all market participants develop new business and provide outstanding service to their customers.

Bruce Carnegie-Brown, chairman of Lloyd’s, said: “Throughout its history Lloyd’s has always sought to reinvent itself by remaining at the forefront of insurance innovation. The proposals we have announced today represent the culmination of months of engagement with stakeholders across the market and around the world. I believe they will set Lloyd’s up for success for the years to come.”

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