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Lloyd’s unveils its strategy focused on the digital

by

Andrea Lubeck

May 13, 2019 09:30

Photo : Freepik

Lloyd’s has recently unveiled its strategy, entitled “The Future at Lloyd’s, with several digital initiatives which have the objective no less than” to define the future of the global insurance market and the reinsurance.”

The London market asserts that its six new ideas ” will simplify the access to the global insurance market, in addition to reducing the costs of doing business with Lloyd’s “.

Starting in October 2019, prototypes of these initiatives will be launched, reveals Lloyd s. Some of which should be in operation by early 2020.

The platforms in the foreground

The London market account, in particular, to develop a platform for complex risks. The company claims that it will facilitate the placement of risks more difficult to subscribe to, and this, of way digital.

In addition, the grouping of trade unions offers the online platform at Lloyd’s of Risk Exchange, through which risks that are less complex may be ” placed in minutes at a fraction of the current cost “.

Other initiatives are aimed at providing better access to the London market, improve the customer experience and enable the trade unions to develop their activities, points out Lloyd s.

To create the market of the future

“The unique attributes of Lloyd’s, namely, the ability to have access to expertise unprecedented in terms of underwriting, financial security and access to markets in a single location, are more relevant than ever. However, an environment of dynamic risk, associated with rapid technological progress have fundamentally changed the world. Lloyd’s is also changing, driven by the desire to provide the best products and services of reinsurance available on the market, ” said John Neal, chief executive of Lloyd s.

He adds that Lloyd’s needs to exploit the innovations that characterize the company to reinvent itself. He said he wanted “to create a market focused on the future, very responsive to the changing needs” of customers.

“In the course of its history, Lloyd’s has always sought to reinvent itself by remaining at the forefront of innovation in the field of insurance. The proposals we have announced today represent the culmination of months of collaboration with stakeholders in the market and around the world. I believe that they are going to prepare Lloyd’s for the success for the years to come, ” says Bruce Carnegie-Brown, chairman of the board of directors of Lloyd s.

Markets satisfied

For his part, the chief executive of the association of market representatives Lloyd’s welcomes the announcement by John Neal. “The launch of “The Future” at Lloyd’s” a testament to the commitment of John Neal of placing Lloyd’s at the forefront of the fleet insurance. It offers a view of exciting on the way in which our market may evolve and we are excited to work with Lloyd’s to the building of this future, the more courageous for the ultimate benefit of our customers, ” comments Sheila Cameron.

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