Insurance and reinsurance marketplace Lloyd’s of London has confirmed that its three main priorities for the second half of 2020 will be placement, delegated authority and claims.
These priorities form part of the Future at Lloyd’s strategy and will be underpinned by new data and technology capabilities, Lloyd’s says.
Alongside middle and back office and lead/follow components, these workstreams are intended to provide a robust foundation for the other Future at Lloyd’s initiatives.
In terms of electronic placement, Lloyd’s explained that the impacts of COVID-19 had reinforced the importance of progress in this area.
Lloyd’s will therefore continue to develop PPL as its document-plus-data version for complex risks, as well as scoping work on a data-first solution.
The market will also be building further APIs to increase the digital flow of data, and building the first pilot of a virtual underwriting room to help complement the physical Lime Street office in London.
Turning to delegated authority, Lloyd’s will be making improvements to the technology and processes for managing the way delegated authorities are managed.
This includes introducing a new service for binder registration and a faster, simplified coverholder approval, onboarding and compliance process to attract and retain delegated authority business.
Additionally, Lloyd’s has appointed a new supplier to deliver its Delegated Contract Manager and Delegated Oversight Manager (Chorus). Work continues to deliver the first technology drop for the Delegated Contract Manager which replaces BAR for binder registrations later this year with adoption currently targeted for Q1 2021.
And for claims, Lloyd’s plans to accelerate improvements via additional changes to the Lloyd’s Claims Scheme, reviewing the success of its Small Claims Automation Service pilot, and finding ways to support catastrophe management, loss funds and ensuring faster payment of claims.
According to Lloyd’s, it has already taken an average of three days off transaction times by reducing the number of people who need to approve less complex claims. It has also reduced bureaucracy for claims processing for binding authorities and launched a new pilot for automated payments for small value claims.
Other progress includes the raising of £300 million of new debt to fund the program, and the appointment of a Lloyd’s Cultural Advisory Group.
Lloyd’s also approved a new syndicate called Ki, which represents a collaboration between Brit and Google Cloud, and advanced its syndicate in a box initiative with the launch of Munich Re Innovation Syndicate 1840.
