Lloyd’s unveils bold modernisation plans

Lloyd’s has unveiled its Blueprint One document, part of its overarching Future at Lloyd’s strategy – the insurance market’s modernisation plan to build the “most advanced insurance marketplace in the world”.

Phase I, scheduled for delivery in 2020, will include the launch of an electronic risk exchange which could, over time, process as much as 40% of Lloyd’s risks.

In addition, Lloyd’s will pilot a solution that automatically triages claims to speed up settlement and introduce simplified onboarding for coverholders.

The insurance market also announced that Munich Re will launch the first new ‘Syndicate-in-a-Box’ through its Munich Re Syndicate. It will begin underwriting on 1st January 2020 with no physical presence at Lloyd's.

Lloyd’s CEO, John Neal said: “The extensive feedback we have received in progressing the blueprint has confirmed the preeminent place Lloyd’s holds globally in insurance and reinsurance. The plans unveiled today create execution certainty through phased delivery.

"The support we have enjoyed to date has been essential to delivering Blueprint One and we are seeking the renewed commitment of all market participants to partner with us to achieve our vision to build the most advanced insurance marketplace in the world.”

Commenting on the announcements, president of London FOIL and Clyde & Co partner, Jennette Newman said the blueprint may help safeguard Lloyd’s as London look ahead to challenging times.

“The ambition and scope of change are impressive, but it’s crunch time now as we move from words to actions. The structural changes are substantial and not all businesses will benefit – maintaining a sense of progress will be critical if the blueprint is to deliver.

“But we cannot forget the cultural backdrop against which these changes are happening. It will make no difference what structural or business changes are introduced if Lloyd’s can’t demonstrate that a significant cultural shift is underway,” she added.

CEO of the Lloyd’s Market Association, Sheila Cameron said she was looking forward to seeing more detailed development of the six element of the future ecosystem, and to beginning a detailed engagement process with members on the part they can play in executing the plan.

“Lloyd’s ambition to be the most advanced insurance marketplace in the world is achievable, but will be thoroughly dependent on our ability to innovate and evolve our model so that we may continue to offer outstanding underwriting products and services to our customers," she said.

“We look forward to seeing more detailed development of the six integrated solutions that will form the future Lloyd’s ecosystem and help to shape the development of some of the supporting strands such as modern risk syndication."

This announcement marks the first in a series of annual updates aimed at improving market processes using data and technology.

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