View this article online: https://www.insurancejournal.com/news/international/2019/07/10/531685.htm

Last Chance: Future-at-Lloyd’s Consultation Period Ends Today

Today is the last day when Lloyd’s market practitioners can provide input to the Future at Lloyd’s project, which was first announced on May 1.

Chief Executive Officer John Neal at the time encouraged practitioners to provide feedback and suggestions on how to offer better solutions for customers’ risks, how to simplify the process of accessing products and services at Lloyd’s and how to cut the cost of doing business.

He cited six examples that could form the blueprint for a new Lloyd’s — how the market could transform the way it delivers value to its customers. The six ideas 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.

These six ideas are included in “The Future at Lloyd’s” prospectus.

If you have ideas for how the market could look in the future, you can provide comments via lloyds.com/thefutureatlloyds until the end of July 10.

Source: Lloyd’s

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• Lloyd’s Gathers Group of Industry Heavy-Hitters as Advisers for Its Future Strategy
• Lloyd’s Aims to Halve Costs as It Modernizes Market Over Next 5 Years