With a heavy emphasis on growing e-commerce business, Chairman Max Taylor announced the publication of Lloyd’s new business plan, “Priorities for Growth 2000-2003,” calling it a “Manifesto for the Future.”
The far-ranging document aims to accelerate the overall restructuring of the venerable institution, which has been under way since 1994, when corporations were first admitted as “Names.” Taylor characterized its proposals as enabling Lloyd’s to adapt “to 21st Century trading conditions.”
“In putting forward these ideas, we’ve taken a long, hard look at the influences on the global insurance industry. Electronic commerce is redrawing trading patterns; customers have more choice than ever, consolidation is reshaping our marketplace. These are changes we have to keep up with, or ideally get two steps ahead of,” Taylor stated in his introduction of the publication.
One proposed change is major and controversial. Taking note of the fact that the Financial Services Authority (FSA) has assumed oversight of the insurance industry, Lloyd’s intends to seek parliamentary change after the next general election in the basic statutes, under which it has operated since 1982. Taylor stated that the present laws are now out of date and too restrictive in their application to Lloyd’s brokers and managing agents.
Taylor went so far as to indicate that eventually all Lloyd’s business would be done electronically. He emphasized that use of the Worldwide Insurance e-commerce network (WISe), of which Lloyd’s is a founding member, would increase, eventually handling larger and more complex risks. The system will be available to all Lloyd’s businesses via e-mail by next month.
A complete copy of the proposal may be obtained from the Lloyd’s website – http://www.lloyds.com, or by contacting Tracy Bailey – tel: 44 207 327 5393.
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