As forecast in our December Newsletter, John Neal today unveiled his new six-point strategy designed to re-shape the market. The six new areas for innovation outlined in the new prospectus - The Future of Lloyd's (click here to view) are as follows:-
- 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.
We will be writing to Members shortly with a summary and opinion.