News
Lloyd’s launches ‘Blueprint 2’
Posted 09/11/2020 – News
Lloyd’s has released an update on its Future at Lloyd’s initiative, with a two-year focus upon the digitisation of the Lloyd’s market.
In broad terms, Lloyd’s will create a full lifecycle digital ecosystem for business underwritten at Lloyd’s. Such an ecosystem will include accredited platforms and centralised support services to make risk placement much more efficient, faster (including quicker claims payments), more accurate and more cost effective. This will in turn provide more opportunities for the market to innovate to improve customer outcomes and operate more efficiently and at a lower cost base (which Lloyd’s estimates could reduce costs by over £800m). As well as direct cost savings, these efficiencies will enable the market to focus upon innovation, product development and risk mitigation and secure the long-term viability of the Lloyd’s market.
Alpha comment
Alpha strongly supports this initiative. Such a technology-led modernisation of the marketplace will bring Lloyd’s into the twentieth (not a typo) century and provide a solid platform for further enhancements and development that will ensure the competitive viability of the Lloyd’s market in the twenty-first century.
