InsurTech Futures: Lloyd’s of London fails to insure future with delay in technology take-up

Inefficient processes and a lack of understanding and deployment of technological solutions are holding Lloyd's back, writes Daniel Golding, director of financial services at Baringa.

One of the great strengths of Lloyd’s of London is tradition. But this is also what’s holding it back. 

Rising from the ashes of the Great Fire of 1666, the London Market has grown to dominate the global insurance landscape. Covering an ecosystem of hundreds of firms, employing tens of thousands of people, and servicing gross written premiums of over £60bn, Lloyd’s has consistently operated at the vanguard of commercial risk transfer solutions.

However, conditions have been challenging in