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Lloyd's Plan for the Future

01 May 2019

Lloyd's have published The Future at Lloyd’s, a bold new vision which sets out a number of transformational initiatives that could shape the future of the world’s insurance and reinsurance market.

The proposed solutions focus on delivering higher quality risk protection for the market’s customers along with simplifying access thereby lowering the cost of doing business at Lloyd’s. Potential solutions could include:

• A platform for complex risk that makes doing business easier and enables efficient digital support for the placement of the most difficult-to-cover risks.
• Lloyd’s Risk Exchange allowing 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 solution, 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.

The publication of the prospectus marks the beginning of a wide-ranging consultation and blueprint development involving Lloyd’s unique ecosystem of market participants, customers and other stakeholders. Work on building and delivering solutions is due to start from October 2019, with some operational in early 2020. Importantly, however, we will identify and implement quick wins earlier where we can.