First Future of Lloyd’s Blueprint Released
Posted 30/09/2019 – Insights
Lloyd’s has today (30th September) launched the Future at Lloyd’s Blueprint One which describes Lloyd’s strategy to build the most advanced insurance marketplace in the world.
The blueprint includes details of the initiatives that will be delivered for customers and market participants during 2020.
The publication of Blueprint One follows the unveiling of the Future at Lloyd’s prospectus on 1 May 2019, and marks the first in a series of updates which will be issued at least annually. This first blueprint sets out six ideas of improved ways of working, underpinned by a heightened focus on digital, data and technology to deliver greater benefits to customers.
The document describes the solutions and, importantly, the way in which the ambition set out in the Future at Lloyd’s will be delivered by strong transition and execution planning, followed by a series of phased deliveries.
Phase I will be delivered during 2020 and will include early quick wins, including the launch of an electronic risk exchange which could, over time, process as much as 40% of Lloyd’s risks. In addition, Lloyd’s will pilot a solution that automatically triages claims to speed up settlement and introduce simplified onboarding for Lloyd’s coverholders.
Lloyd’s also today announced that Munich Re will launch the first new “Syndicate-in-a-Box” through its well-established Lloyd’s vehicle Munich Re Syndicate Limited. The Munich Re Innovation Syndicate will begin underwriting on 1 January 2020 with no physical presence in Lloyd’s. It will underwrite a range of innovative lines of business such as renewable energy and parametric insurance for weather risks.”
John Neal, Lloyd’s CEO, said:
“The extensive feedback we have received in progressing the blueprint has confirmed the preeminent place Lloyd’s holds globally in insurance and reinsurance. The plans unveiled today create execution certainty through phased delivery. The support we have enjoyed to date has been essential to delivering Blueprint One and we are seeking the renewed commitment of all market participants to partner with us to achieve our vision to build the most advanced insurance marketplace in the world.”
Click here to access a full copy of the Future of Lloyd’s Blueprint.
We listened with interest to the proposals set out today. The strategy continues to be very ambitious in its scope, but John Neal emphasised that this is what the market has asked for. We look forward to hearing more on the actual execution, which if achieved in full, will put the Lloyd’s market in a very strong competitive position globally. John Neal also emphasised that the whole process will take time and be delivered in stages. One of the initial achievements included in today’s announcement was the launch of the first syndicate-in-a-box, which is being pioneered by Munich Re’s Lloyd’s managing agency.