Lloyd's of London, the insurance and reinsurance market in the UK, announced that it has formed Global and London advisory committees to support the delivery of its new strategy for the future.

Lloyds of London

Image: Lloyd’s full underwriting room. (Credit: Lloyd's)

Members of the advisory committees include experts and veterans from the insurance and reinsurance industry.

Some of the prominent figures in the committees include: Association of British Insurers (ABI) Chair Amanda Blanc, Aon CEO Greg Case, Chartered Insurance Institute (CII) CEO Sian Fisher, Marsh & McLennan president and CEO Dan Glaser, Chubb chairman and CEO Evan Greenberg and Willis Towers Watson CEO John Haley.

The advisory committees will shoulder the responsibility to support Lloyd’s to focus more than providing better value to customers through the use of latest risk management products and services, simplifying market access and helping to reduce the cost of doing business.

Lloyd’s CEO John Neal said: “This is an exciting time for us all as we drive forward the next stage in Lloyd’s evolution and I am delighted that we have the support of a number of global industry leaders, as well as the market associations representing some of our key stakeholders.

“Together with the feedback and insights we are gathering from our wide-ranging consultation, the advisory committees will play a critical role in providing guidance and advice as we develop and implement a blueprint for the future at Lloyd’s.”

Aon CEO Greg Case said: “Aon is committed to anticipating the needs of our clients and working with leading organizations around the world to innovate on their behalf. With this new strategy, Lloyd’s is accelerating its own evolution and charting a path forward for London to continue playing a significant role in the global insurance market. We’re pleased to contribute to this important discussion.”

Launched in May this year, the Future at Lloyd’s strategy was developed after having a wide range of consultations with Lloyd’s participants, customers and other stakeholders, on the transformational initiatives.

From October 2019, the new committees will begin working on building and delivering prototypes and full services, which could be operational by early next year.