Lloyd’s Update

In a letter earlier today, John Neal updated the market on the following:

• Returning to the Underwriting Room
  Having been closed on 5 January due to the recent UK lockdown, the Underwriting Room will be partially re-opened after Easter from 12 April or following the bank holiday on 4 May, depending on the steer from the Government next week.
  Future of the Underwriting Room: consultation – An extensive consultation is already in progress and this week Lloyd’s has launched an online collaboration hub to crowdsource insights and ideas.
• Partnership with insuretech Optalitix
  Created in partnership with Optalitix, a London-based AI company, Lloyd’s has developed a new reporting portal for catastrophe data that will save the market an estimated 13,000 hours of data entry per year. This is an example of collaboration between the Future at Lloyd’s programme, the Lloyd’s Lab, and innovative market participants to quickly introduce digital solutions that add immediate value.

Alpha comment

It is encouraging to read of the modernisation and innovation that is ongoing at Lloyd’s as it strives to be a leaner and more efficient as well as more profitable market.