When the 10-week consultation period for “The Future at Lloyd’s” project ended this week, Lloyd’s confirmed that participation was widespread, with more than 4000 suggestions and comments received from market participants, customers and other stakeholders.
Next steps? The market now will work to build a blueprint for the work ahead, which will be rolled out on Sept. 30. In parallel, it will begin to build and deliver prototypes, with some solutions operational in early 2020.
Lloyd’s said the consultation period, which began on May 1 and ended on July 10, “generated more than 4,000 insights, including almost 500 online survey respondents and 300 interviews involving more than 600 people.”
“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,” said Lloyd’s in a statement.
The Future at Lloyd’s aims are to 1) create better value for customers through cutting-edge risk management products and services, 2) simplify access to the market, 3) reduce the cost of doing business, and 4) build an inclusive, innovative culture that attracts the best talent.
“The reimagining of the Lloyd’s platform, through a set of plug-and-play ideas that could revolutionize the way we do things, offers our market an incredible chance to create the most customer-centric digital insurance platform in the world,” said John Neal, Lloyd’s CEO.
“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,” he 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,” commented Jon Hancock, Lloyd’s performance management director.
“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 prioritize,” he continued.
The Future at Lloyd’s blueprint will be published on Sept. 30. In parallel, the work now begins in earnest 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 six principal ideas that were outlined in The Future at Lloyd’s prospectus 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.
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