Lloyd's calls on industry heavyweights to help shape its future

Lloyd's of London has announced the creation of new advisory committees to guide its future strategic direction. With separate committees for the Global and London aspects of its business, the panels draw on the experience of some of the insurance industry's most senior figures.

The advisory committees will be responsible for supporting the creation of the future at Lloyd’s, which it says is focused on offering better value for customers through risk management products and services, simplifying access to the market, reducing the cost of doing business, and building an inclusive culture that attracts the best talent.

Members of the advisory committees will include Amanda Blanc, chair of the Association of British Insurers (ABI), Greg Case, CEO of Aon, Sian Fisher, CEO of the Chartered Insurance Institute (CII), Dan Glaser, president and CEO of Marsh & McLennan, Evan Greenberg, chairman and chief executive officer, Chubb, and John Haley, CEO of Willis Towers Watson.

John Neal, Lloyd’s CEO, said: “This is an exciting time for us all as we drive forward the next stage in Lloyd’s evolution and I am delighted that we have the support of a number of global industry leaders, as well as the market associations representing some of our key stakeholders. Together with the feedback and insights we are gathering from our wide-ranging consultation, the advisory committees will play a critical role in providing guidance and advice as we develop and implement a blueprint for the future at Lloyd’s.”

Chair of the ABI and CEO, EMEA and global bank distribution, Zurich Insurance, Amanda Blanc said: “Ensuring that Lloyd’s is best placed to meet future challenges and opportunities is vital so that the UK remains a world leading insurance market. I look forward to working with colleagues in the insurance industry in developing a strategy that helps Lloyd’s to deliver best value for customers through cutting edge technology, with an inclusive culture that attracts the best talents.”

The Future at Lloyd’s strategy was launched on 1 May 2019, followed by a consultation process involving Lloyd’s market participants, customers and other stakeholders, on the initiatives outlined in the document. Work will begin on building and delivering prototypes and full services from October 2019, with some operational in early 2020.

The Future at Lloyd's: Six key proposals (Source: Lloyd's)

• 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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