Lloyd’s has updated its Vision 2025 strategy to match new challenges facing the market, choosing to shift its focus from acquiring new Lloyd’s international licenses to maximising business opportunities from existing territories.
Lloyd’s Chairman, Bruce Carnegie-Brown and Chief Executive, Inga Beale’s annual email to the market, said; “this change of emphasis means the number of strategic priorities has been reduced from eight to six, with the main focus next year being on three areas.
“Market oversight: enabling market participants to thrive and achieve superior operating returns through a risk-based performance framework.
“Operations and services: embracing developments in technology, continuing the digitisation of the market and encouraging the broad-scale adoption of new systems developed as part of the TOM.
“Customers and distribution: testing new and innovative ways to use technology to improve access to Lloyd’s and to make it more competitive as a global market.”
The Lloyd’s market is looking to attract new business by reducing the expense ratio and costs; streamlining market oversight and embracing innovation and technological developments.
Lloyd’s executives stated that the negative impact of the record losses felt this year has already been reduced by the re/insurers’ efforts towards modernisation and cost-efficiency.
In 2018, Lloyd’s aims to improve its operating environment and in turn attract new business through becoming a “dynamic, tech-driven market that’s fit for the future.”