The Future at Lloyd’s prospectus was launched in May and includes six “transformational” proposals.
Lloyd’s has confirmed that its proposals to modernise the market have received widespread backing from stakeholders.
The transformation plan, launched as the Future at Lloyd’s on 1 May this year, can now begin following the consultation period.
According to Lloyd’s the consultation on the six transformational initiatives proposed generated more than 4,000 insights over a 10-week period, including almost 500 online survey respondents and 300 interviews involving more than 600 people.
In a statement Lloyd’s detailed that this extensive engagement has captured feedback from the broadest range of the market’s unique ecosystem of participants, customers and stakeholders in the UK, and across Lloyd’s Global Network, with the majority reporting that they are confident the proposals will deliver the aims of the Future at Lloyd’s.
John Neal, Lloyd’s CEO, said: “The reimagining of the Lloyd’s platform, through a set of plug-and-play ideas that could revolutionise the way we do things, offers our market an incredible chance to create the most customer-centric digital insurance platform in the world.
“The outstanding level of support we have received so far through our open and extensive consultation demonstrates that the Future at Lloyd’s goals and proposals offer a compelling and relevant foundation on which we can begin building a blueprint.”
The six key changes are:
- 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.
Jon Hancock, Lloyd’s performance management director, added: “The feedback we have received over the past 10 weeks has been instrumental in helping us shape the ideas and next steps for the Future at Lloyd’s, and demonstrates the value of the bottom-up approach we have taken from the outset.
“As we begin creating the blueprint, we will continue to work with all of our stakeholders to refine and develop the proposals, ensuring that they are representative of the feedback and help us plan and prioritise.”
The Future at Lloyd’s blueprint will be published on 30 September. In parallel, the work now begins to build and deliver prototypes, with some solutions operational in early 2020.
The recently announced Global and London advisory committees have also had their initial meetings, with both committees playing an important role in providing guidance and advice as the blueprint for the Future at Lloyd’s begins development and implementation.
The move follows a number of years of poor performance at the organisation which most recently posted an operating loss of £1.0bn for 2018. In 2017 losses hit £2.0bn.
The culture of Lloyd’s also found itself in the spotlight following a Bloomberg report into sexual harassment at the organisation – a move that forced it to rush through a plan to combat sexism at the insurance market.
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