June 27, 2019 09:30
Photo : Freepik
The london market Lloyd’s has implemented a program of product innovation, which aims to place complex risks and sub-standard otherwise impossible to ensure. The program has a capacity of 53 million pounds sterling.
Lloyd’s says the program is a “safe space” so that subscribers could experiment in a controlled environment, ” which establishes a balance between the need for supervision and appropriate the risk of not innovating fast enough “.
A team of underwriters senior
Subscribers senior unions of Tokio Marine Kiln, Beazley, MS-Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares and Apollo will focus in particular on the risks to intangible, related to the supply chain, and accidents caused by the artificial intelligence.
“Lloyd’s has the deserved reputation of being innovative in terms of insurance and I’m delighted to see this initiative take shape, that carries on the spirit of enterprise incomparable Lloyd’s,” says John Neal, chief executive of the London market. By doing this, the system of product innovation and aligns with our collective vision of the future of the global market (re) insurance. Developing new product ideas and helping them to grow over time, Lloyd’s will continue to help its customers deal with emerging risks and evolving quickly. “
The company also maintains that the initiative is in line with its new strategy focusing on digital, which aims among other things to simplify access to the global insurance market.