Lloyd’s Chairman, Bruce Carnegie-Brown and Chief Executive, Inga Beale’s annual email to the market reinforced Lloyd’s commitment to reducing bureaucracy, driving cost-efficiencies and modernising services as the over 100-year-old insurer strives to remain competitive in a fast-changing market.
Jon Hancock the Performance Management Director at Lloyd’s of London, recently explained that the market has been falling behind and it is vital that it is made “simpler, easier and less expensive to do business at Lloyd’s.”
He stressed the need for Lloyd’s and those operating in its marketplace to, “adapt to survive and thrive.”
The Lloyd’s market, which has suffered from declining profitability in recent years, is streamlining and re-hauling its modus operandi with a renewed focus on risk-based oversight to reduce bureaucracy.
Speaking of the progress made in 2017 under the London Target Market Operating Model, Lloyd’s leaders stated; “each syndicate now has dedicated account managers within the Corporation, which means you will get a more bespoke service. There will be further developments of the risk-based approach throughout 2018.
“PPL, the electronic placement platform, has been successfully launched – providing a genuinely innovative system transporting data through quoting to binding, and beyond.
“About 10% of market business is now being placed electronically and by the middle of 2018 all lines of business will be live.
“Coverholder business has been simplified, reducing errors and administration. In 2017, those writing business on behalf of London carriers started to benefit from a single audit. In 2018 they will also benefit from a single compliance process. This will reduce the administration burden on brokers.”
The focus next year will be on driving adoption of new technology throughout the Lloyd’s market, as well as a renewed focus on identifying new risks, trends and markets, and highlighting potential business opportunities.
Lloyd’s also plans to undertake a series of studies next year on the digital economy including the internet of things, artificial intelligence and virtual reality, as well as a report on new liabilities in the Chinese market.
