Lloyd’s announced the establishment of Global and London advisory committees to support its bold new strategy for the future. Members of the advisory committees are comprised of a number of prominent figures from across the global industry, including Amanda Blanc, Chair of the Association of British Insurers (ABI), Greg Case, CEO of Aon, Sian Fisher, CEO of the Chartered Insurance Institute (CII), Dan Glaser, President and CEO of Marsh & McLennan, Evan Greenberg, Chairman and Chief Executive Officer, Chubb, and John Haley, CEO of Willis Towers Watson.
The advisory committees will be responsible for supporting the creation of the future at Lloyd’s, which is focused on offering 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.
John Neal, Lloyd’s CEO, said:
“This is an exciting time for us all as we drive forward the next stage in Lloyd’s evolution and I am delighted that we have the support of a number of global industry leaders, as well as the market associations representing some of our key stakeholders. Together with the feedback and insights we are gathering from our wide-ranging consultation, the advisory committees will play a critical role in providing guidance and advice as we develop and implement a blueprint for the future at Lloyd’s.”
Greg Case, Aon CEO said:
“Aon is committed to anticipating the needs of our clients and working with leading organizations around the world to innovate on their behalf. With this new strategy, Lloyd’s is accelerating its own evolution and charting a path forward for London to continue playing a significant role in the global insurance market. We’re pleased to contribute to this important discussion.”
Amanda Blanc, Chair of the Association of British Insurers, and CEO, EMEA and Global Bank Distribution, Zurich Insurance, said:
“Ensuring that Lloyd’s is best placed to meet future challenges and opportunities is vital so that the UK remains a world leading insurance market. I look forward to working with colleagues in the insurance industry in developing a strategy that helps Lloyd’s to deliver best value for customers through cutting edge technology, with an inclusive culture that attracts the best talents.”
Sheila Cameron, Lloyd’s Market Association CEO, said:
“I am looking forward to working in partnership with Lloyd’s, and on behalf of our members, to ensure that the work we undertake now will define the future success of the market and deliver truly outstanding outcomes for its clients.”
Christopher Croft, CEO of LIIBA:
“The creation of this Board further fulfils Lloyd’s commitment to a collaborative, cross-market approach. Roy White and I are happy to be part of this important work for the future of our industry.”
Dan Glaser, President and CEO of Marsh & McLennan, said:
“The Future at Lloyd’s is a unique opportunity to transform the marketplace and cater to the growing and diverse needs of its customers. Lloyd’s is an important partner for Marsh & McLennan and our clients, and I’m thrilled to help position it for the future.”
Andrew Horton, Beazley CEO and Chair of the London Market Group (LMG) said:
“I strongly support the ideas contained in the Lloyd’s prospectus and am keen to continue working with colleagues across the market to help take these forward.”
The Future at Lloyd’s strategy was launched on 1 May 2019, which was followed by wide-ranging consultation involving Lloyd’s unique ecosystem of market participants, customers and other stakeholders, on the transformational initiatives outlined in the prospectus. Work will begin on building and delivering prototypes and full services from October 2019, with some operational in early 2020.
The six bold ideas outlined in the future at Lloyd’s illustrate how the market could transform the way it delivers value to its customers, and include:
- A platform for complex risk that makes doing business easier and enables efficient digital placement of the most difficult-to-cover risks.
- Lloyd’s Risk Exchange through which less complex risks can be placed in minutes at a fraction of today’s costs.
- Flexible capital that can simply and effectively access a diverse set of insurance risks on the Lloyd’s platform.
- A Syndicate-in-a-Box, which offers a streamlined opportunity for innovators to bring new products and business into the market.
- A next generation claims service that improves customer experience and increases trust in the market by speeding up claims payments.
- An ecosystem of services that helps all market participants develop new business and provide outstanding service to their customers.