London, UK (May 1, 2019) \u2013 Lloyd\u2019s has unveiled a bold new strategy with a number of transformational initiatives that could shape the future of the world\u2019s (re)insurance market<\/p>\n
The proposals are focused on delivering higher quality risk protection for the market\u2019s customers. They also offer ways to simplify access to the global insurance market, together with lowering costs of doing business at Lloyd\u2019s.<\/p>\n
The publication of this strategy marks the next phase of wide-ranging consultation and blueprint development involving Lloyd\u2019s unique ecosystem of market participants, customers and other stakeholders. Work will begin on building and delivering prototypes from October 2019, with some operational in early 2020.<\/p>\n
The six new ideas outlined in The Future at Lloyd\u2019s<\/em> illustrate how the market can respond to challenges and seize opportunities to transform the way it delivers value to its customers. They are:<\/p>\n \u201cLloyd\u2019s unique attributes \u2013 the ability to access unparalleled underwriting expertise, financial security and market access all in one place \u2013 are more relevant today than ever,\u201d said John Neal, CEO, Lloyd\u2019s. \u201cHowever, a dynamic risk environment combined with rapid advancements in technology have fundamentally changed the world. Lloyd\u2019s is changing too, driven by a desire to provide the best (re)insurance products and services available anywhere.<\/p>\n \u201cWe will succeed by harnessing the entrepreneurial and innovative spirit that is at the heart of Lloyd\u2019s. Together we have a tremendous opportunity to reimagine Lloyd\u2019s and build a marketplace that is future focused, highly responsive to the changing and diverse needs of our global customers, with a culture of inclusivity and innovation.\u201d<\/p>\n \u201cThroughout its history Lloyd\u2019s has always sought to reinvent itself by remaining at the forefront of insurance innovation,\u201d said Bruce Carnegie-Brown, Chairman of Lloyd\u2019s. \u201cThe proposals we have announced today represent the culmination of months of engagement with stakeholders across the market and around the world. I believe they will set Lloyd\u2019s up for success for the years to come.\u201d<\/p>\n \u201cAt LIIBA we have welcomed the very collaborative approach that Lloyd\u2019s has taken to drawing up these ideas and in seeking our help,\u201d added Chris Croft, CEO of the London & International Insurance Brokers\u2019 Association (LIIBA). \u201cWe share a common central objective: a strong, vibrant, innovative Lloyd\u2019s market must be a key part of the offering we make to our clients. The ability to find cover for clients that is simply not available elsewhere has always been at the heart of London\u2019s unique offering. We must ensure it retains and grows that ability, and we look forward to discussing what happens next.\u201d<\/p>\n \u201cThese initiatives remind us of Lloyd\u2019s centrality to the global insurance market and its determination to remain central to it as the world evolves,\u201d said Bronek Masojada, CEO of Hiscox. \u201cWe look forward to working with all our Lloyd\u2019s colleagues to bring these ideas to realisation.\u201d<\/p>\n \u201cToday\u2019s launch of The Future at Lloyd\u2019s<\/em> demonstrates John Neal\u2019s commitment to put Lloyd\u2019s at the front of the insurance flotilla,\u201d added Sheila Cameron, CEO of the Lloyd\u2019s Market Association. \u201cIt offers an exciting view into how our shared marketplace can evolve and we are excited to work together with Lloyd\u2019s on building out this braver future for the ultimate benefit of our customers.\u201d<\/p>\n About Lloyd\u2019s<\/b><\/p>\n Lloyd\u2019s is the world\u2019s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market\u2019s underwriters and brokers, Lloyd\u2019s helps to create a braver world.<\/p>\n The Lloyd\u2019s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. And it promises a trusted, enduring partnership built on the confidence that Lloyd\u2019s protects what matters most: helping people, businesses and communities to recover in times of need.<\/p>\n Lloyd\u2019s began with a few courageous entrepreneurs in a coffeeshop. Three centuries later, the Lloyd\u2019s market continues that proud tradition, sharing risk in order to protect, build resilience and inspire courage everywhere.<\/p>\n About the Lloyd\u2019s Market Association (LMA)<\/b><\/p>\n Formed in 2001 and located in the heart of the Lloyd\u2019s Building in the City of London, the Lloyd\u2019s Market Association represents the interests of the Lloyd\u2019s underwriting community. All underwriting businesses at Lloyd\u2019s are members, together managing gross premium income of around \u00a332billion per annum.<\/p>\n Source: Lloyd\u2019s<\/i><\/p>\n Tags: Lloyd’s<\/a>, strategy<\/a> Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":" London, UK (May 1, 2019) \u2013 Lloyd\u2019s has unveiled a bold new strategy with a number of transformational initiatives that could shape the future of the world\u2019s (re)insurance market The proposals are focused on...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/14827"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=14827"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/14827\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=14827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=14827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=14827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n