Lloyd’s has gathered a group of industry heavy-hitters — such as Evan Greenberg at Chubb, Dan Glaser at Marsh & McLennan and John Haley at Willis Towers Watson — to sit on advisory committees that will help support and develop its strategy for the future.
“The Future at Lloyd’s” project is focused on offering better value for customers by providing 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, said Lloyd’s.
The strategy was launched on May 1, 2019 and is accompanied by a 10-week consultation period where market participants, customers and other stakeholders have been invited to offer suggestions. A framework for what is possible for the future was laid out in the prospectus called “The Future at Lloyd’s.” (See the six proposed ideas listed below).
“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,” said Lloyd’s CEO John Neal, in a statement.
“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,” he continued.
Work will begin on building and delivering prototypes and full services from October 2019, with some operational in early 2020, said Lloyd’s.
Members of The Future at Lloyd’s global advisory committee (in alphabetical order) include:
- Andrew Brooks, CEO of Ascot
- Bruce Carnegie-Brown, chair of Lloyd’s and the advisory committee
- Greg Case, CEO of Aon
- Dan Glaser, president and CEO of Marsh & McLennan
- Evan Greenberg, chairman and CEO of Chubb
- John Haley, CEO of Willis Towers Watson
- Jon Hancock, performance management director, Lloyd’s
- Andrew Horton, CEO of Beazley and chair of the London Market Group (LMG)
- Bronek Masojada, CEO of Hiscox
- John Neal, CEO of Lloyd’s
- Peter Spires, general counsel of Lloyd’s
Members of the Future at Lloyd’s London advisory committee are:
- Amanda Blanc, chair, and Huw Evans, CEO of the Association of British Insurers (ABI)
- Sian Fisher, CEO of the Chartered Insurance Institute (CII)
- Malcolm Newman, chair, and Dave Matcham, CEO of the International Underwriting Association (IUA)
- Roy White, chair, and Chris Croft, CEO of the London and International Insurance Broker’s Association (LIIBA)
- Andrew Brooks, chair, and Sheila Cameron, CEO of the Lloyd’s Market Association (LMA)
- Andrew Horton, chair, and Clare Lebeq, CEO of the London Market Group (LMG)
- Bronek Masojada, chair of Platform Placing Ltd. (PPL), the London market’s electronic placing platform
- Jon Hancock, performance management director, Lloyd’s, and chair of the London advisory committee
- Peter Montanaro, head of Syndicate Capability, Lloyd’s
- John Neal, CEO of Lloyd’s
- Ben Reid, office of the CEO, Lloyd’s
- Peter Spires, general counsel, Lloyd’s
The six ideas outlined in “The Future at Lloyd’s” prospectus illustrate how the market could transform the way it delivers value to its customers. They are:
- 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.
*This story ran previously in our sister publication Insurance Journal.