Lloyd’s reveals plans for two digital exchanges

Lloyd’s of London has today unveiled a new strategy for modernisation, aimed at simplifying access to, and lowering the cost of doing business with the world-famous insurance market.

The plans include the splitting out of complex risks from more frequent and straightforward transactions; with the latter to be placed through the new Lloyd’s Risk Exchange “in minutes” and “at a fraction of today’s costs”.

The publication of these quite comprehensive plans takes place ahead of a consultation period among the market’s unique ecosystem of stakeholders

CEO at Lloyd’s, John Neal said that a dynamic risk environment combined with rapid advancements in technology have fundamentally changed the world, and that Lloyd’s needed to change with it.

“We will succeed by harnessing the entrepreneurial and innovative spirit that is at the heart of Lloyd’s. Together we have a tremendous opportunity to reimagine Lloyd’s and build a marketplace that is future focused, highly responsive to the changing and diverse needs of our global customers, with a culture of inclusivity and innovation.”

Further ideas set out in the ‘Future at Lloyd’s’ document include the introduction of alternative sources of capital that can “simply and effectively access a diverse set of insurance risks on the Lloyd’s platform”; greater opportunities for new, innovative syndicates; and solutions for faster payment of claims.

Commenting on the launch of the consultation, Lloyd’s Market Association CEO, Sheila Cameron, said: “Today’s launch of “The Future at Lloyd’s” demonstrates John Neal’s commitment to put Lloyd’s at the front of the insurance flotilla. It offers an exciting view into how our shared marketplace can evolve and we are excited to work together with Lloyd’s on building out this braver future for the ultimate benefit of our customers.”

Chairman of Lloyd’s, Bruce Carnegie-Brown said Lloyd’s has continually sought to reinvent itself through its history: “The proposals we have announced today represent the culmination of months of engagement with stakeholders across the market and around the world. I believe they will set Lloyd’s up for success for the years to come.”

With prototypes slated for October 2019, some elements are expected to be operational by early 2020.

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