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Lloyd’s initiatives receive “widespread backing” from market participants

11th July 2019 - Author: Charlie Wood

The majority of respondents to Lloyd’s of London’s six proposed transformational initiatives are confident the strategy will deliver, according to a statement released today.

john-neal-lloyds-ceoLloyd’s had in May announced a new strategy focused on delivering higher quality risk protection for the market’s clients.

The aims of this strategy, as spelled out by Lloyd’s, include: better value for customers through cutting-edge risk management products and services; simplifying access to the market; reducing the cost of doing business; and building an inclusive, innovative culture that attracts the best talent.

Now, after a consultation period with market participants, customers and other stakeholders, Lloyd’s says the plan received “widespread backing.”

The consultation generated more than 4,000 insights over a 10-week period, including almost 500 online survey respondents and 300 interviews involving more than 600 people.

Lloyd’s Chief Executive Officer John Neal believes re-imagining platform through a set of plug-and-play ideas offers the market an “incredible chance to create the most customer-centric digital insurance platform in the world.”

“The outstanding level of support we have received so far through our open and extensive consultation demonstrates that the Future at Lloyd’s goals and proposals offer a compelling and relevant foundation on which we can begin building a blueprint,” added Neal.

Jon Hancock, Lloyd’s Performance Management Director, remarked, “The feedback we have received over the past 10 weeks has been instrumental in helping us shape the ideas and next steps for the Future at Lloyd’s, and demonstrates the value of the bottom-up approach we have taken from the outset.”

“As we begin creating the blueprint, we will continue to work with all of our stakeholders to refine and develop the proposals, ensuring that they are representative of the feedback and help us plan and prioritise.”

The Future at Lloyd’s blueprint will be published on 30 September.

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