Global insurance markerplace Lloyd’s of London has outlined a new strategy that includes various transformational initiatives which it claims will potentially shape the future of the global (re)insurance market.
The proposals made by it in ‘The Future at Lloyd’s’ aim at bringing in higher quality risk protection for the market’s customers. Furthermore, the proposals are also said to offer ways to simplify access to the global insurance market, apart from cutting costs of doing business at the insurance syndicate.
The insurance marketplace said that the publication of the strategy marks the next phase of a wide range of consultation and blueprint development involving its ecosystem of market participants, customers and other stakeholders.
It expects prototypes to be built and developed starting from October 2019, with some of them slated to be operational in early 2020.
The Future at Lloyd’s has outlined six new ideas that show how the market can handle the challenges faced by it while grabbing opportunities to transform how it provides value to its customers.
Lloyd’s plans to create a platform for complex risk that will help in doing business easier, while allowing for efficient digital placement of the most difficult-to-cover risks.
Another platform called Risk Exchange will be created, through which less complex risks can be placed in minutes at a fraction of present day costs.
The insurance marketplace is also planning a flexible capital feature to enable simple and effective access of a diverse set of insurance risks on its platform.
For innovators, Lloyd’s will be offering the new Syndicate-in-a-Box, which will present them with a streamlined opportunity to introduce new products and business into the market.
A next generation claims service will be developed under the Future at Lloyd’s strategy to enhance customer experience and improve trust in the market by accelerating claims payments.
Also part of the plans is to create an ecosystem of services to help market participants develop new business and offer exceptional service to their customers.
Lloyd’s CEO John Neal said: “Lloyd’s unique attributes – the ability to access unparalleled underwriting expertise, financial security and market access all in one place – are more relevant today than ever.
“However, a dynamic risk environment combined with rapid advancements in technology have fundamentally changed the world. Lloyd’s is changing too, driven by a desire to provide the best (re)insurance products and services available anywhere.”