It highlights that Lloyd’s is at a ‘pivotal’ moment in its evolution – the ‘Future at Lloyd’s’ initiative launched by Lloyd’s CEO John Neal may result in the biggest changes in the market since the Reconstruction and Renewal process of the mid-1990s. Lloyd’s has outlined a series of measures designed to enhance the market’s relevance on the global stage. This is driven by customer feedback calling for better solutions for today’s risks, a simpler process for accessing products and services at Lloyd’s, and lower costs of doing business at Lloyd’s.
The report cites that the Future at Lloyd’s proposals are ambitious and designed to result in a much more efficient and responsive market. Ultimately, the goal is to create better connectivity between capital and risk that delivers greater value to customers and supports long-term growth. Potential outcomes include separate placement methods for complex and standardized risk, easier entry to the market for high-performing innovative businesses, more flexibility in the way that capital participates, a next-generation claims service and the creation of an ‘ecosystem’ of data and services.
Mike Van Slooten, the author of the report and Head of Business Intelligence for Aon’s Reinsurance Solutions business said: “Lloyd’s has had a challenging few years but I think John Neal is now building real consensus for change. Lloyd’s retains core strengths, but it is increasingly recognised that structural issues must now be addressed to allow them to come to the fore in today’s global marketplace. The key to success is bringing costs down. Technology can be an enabler in that area, but ultimately people and behaviours drive progress and that is why the inclusive approach offers the best chance of success.”
To read the full Lloyd’s Update – Redefining the Future report, please follow the link: Lloyd’s Update – Redefining the Future
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