Insurance and reinsurance marketplace Lloyd’s of London has published an update to Blueprint One of its Future at Lloyd’s strategy for change, outlining its progress so far as well as key priorities for 2020.
As part of its execution plans for the first phase of strategy, Lloyd’s confirmed that it will take a 40% stake in the London market’s electronic placing platform (PPL), which will form part of its new risk platform.
The update also confirms that the first Lloyd’s risk exchange pilot will be trialled in 2020, connecting broker and insurer e-trading portals.
Priorities for 2020 include the investment in and development of PPL, improvements to claims processes (including an automated settlement pilot), and a new digital solution for coverholder business as part of the Lloyd’s risk exchange.
Lloyd’s will also focus on data and technology architecture, lead/follow (modern syndication of risk), and middle and back office transformation as foundational initiatives in 2020.
Earlier this month, Lloyd’s said ahead of the update that it had narrowed its focus to priotise just a handful of key issues in 2020, leaving some of the original Blueprint One goals on the backburner, including refined capital rules and a capital platform pilot.
In parallel to the 2020 priorities, Lloyd’s said it will continue to progress the ideas laid out in Blueprint One for delivery in 2021.
These include a prototype of the ‘data-first’ version of the risk platform, new capital investment opportunities, including through the syndicate-in-a-box framework, and a commitment to ongoing cultural change.
With the transition phase of Future at Lloyd’s now completed, Lloyd’s confirmed that it has secured funding for Phase I of the program, as well as setting up the governance structure and establishing delivery teams.
Lloyd’s Chief Operating Officer and Executive Sponsor of the Future at Lloyd’s, Jennifer Rigby, said: “During transition we have been incredibly busy setting up the programme of activities, mobilising workstreams and securing the finances to deliver on our vision,” said Lloyd’s Chief Operating Officer and Executive Sponsor of the Future at Lloyd’s, Jennifer Rigby.
“I am delighted to reaffirm our commitment to building on the investments already made by the market, together with maintaining the ambition we set out with to create the world’s most advanced insurance marketplace,” she added.
Lloyd’s Chief Executive Officer, John Neal, also commented: “I am thrilled with the progress we have made during transition. We are now ready to start building the Future at Lloyd’s, having achieved three major objectives – securing finance, setting the governance structure and detailing the plan for the next 12 months and beyond.”
Neal remarked: “I am excited about the opportunities the Future at Lloyd’s offers to our market, and grateful for its support as we move the ideas from strategy into reality.”
And finally, Bronek Masojada, PPL Board Chair, CEO of Hiscox, and member of the Future at Lloyd’s Global Advisory Committee, stated: “The investment by Lloyd’s is a tangible demonstration of their commitment to building on the success that PPL has achieved so far.”
“With over 70% of risks now being bound electronically we clearly have critical mass and this investment will be used to enhance and industrialise the platform we have today as well as building the next generation of PPL.”