Chubb CEO Greenberg, More Industry Heavy-Hitters to Advise Lloyd’s on Future Strategy

June 20, 2019
Courtesy: Lloyd’s

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:

Members of the Future at Lloyd’s London advisory committee are:

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:

  1. A platform for complex risk that makes doing business easier and enables efficient digital placement of the most difficult-to-cover risks.
  2. Lloyd’s Risk Exchange, through which less complex risks can be placed in minutes at a fraction of today’s costs.
  3. Flexible capital that can simply and effectively access a diverse set of insurance risks on the Lloyd’s platform.
  4. A Syndicate-in-a-Box, which offers a streamlined opportunity for innovators to bring new products and business into the market.
  5. A next-generation claims service that improves customer experience and increases trust in the market by speeding up claims payments.
  6. An ecosystem of services that helps all market participants develop new business and provide outstanding service to their customers.

Source: Lloyd’s

*This story ran previously in our sister publication Insurance Journal.