The Future at Lloyd's
The Future at Lloyd’s is our ambitious strategy to create the world’s most advanced insurance marketplace, providing our customers with the support and protection they need to grow and prosper.
COVID-19 has reinforced the need for the market to become more operationally resilient so it can continue to provide customers with products and services, whatever the circumstances. The pandemic has also given us time to reflect and make sure we are prioritising development in those areas that will make the most immediate difference to you and our customers.
The Future at Lloyd’s will support this new way of working by continuing the digitalisation of the market, whether through designing a virtual room, enhancing electronic placement, introducing more remotely accessible services or helping data flow through the market using automated processes.
As we move through into the second half of the year, we have set out our plans for 2020 that will help us move forward together as a market and emerge even stronger and more resilient for our customers. With our focus on three key priorities:
These priorities will be underpinned by the data and technology capabilities required to deliver solutions that take into account the end to end customer journeys within the market. View the workstream focus here.
Our 2020 priorities
Based on feedback from the market and in response to COVID-19, we are prioritising the delivery of three areas for the Future at Lloyd’s that will deliver the most impact and value to participants in 2020 and into 2021.
These are: improving electronic placement, enhancing Delegated Authority services and claims process improvements. We're also building out the data and technology requirements needed to support them. Focusing on digital enhancements in placement and delegated authority will see improvement for around 80% of Lloyd’s market business.
As part of our approach we are looking at end to end customer journeys, including user led research, to ensure we understand the pain points and the potential for innovating our existing processes. As well as the data and technology requirements support the future market. We’d encourage you to sign up at take part in the research here. We are fast-tracking work to create a pilot of the Virtual Room to support the Underwriting Room in London, to better enable brokers and underwriters to connect and trade as we navigate the challenges of remote working.
Our progress to date
In the first half of 2020 we have..
- Cut the time it takes to pay claims to our customers by updating the Lloyd’s Claims Scheme
- Built submission and quote APIs that allow data to flow between carriers and brokers using PPL or other electronic placement platforms
- Started building a pilot of the Virtual Underwriting Room
- Approved two new syndicates in a box, as well as Lloyd’s first artificial intelligence-driven syndicate and a new ILS investor-backed syndicate
- And we have changed our design approach so we can move faster and target the right areas for development. In a new video blog, released 17 July 2020, Future at Lloyd's Executive Sponsor Jennifer Rigby talks through the progress we have made in the first half of the year, our priorities and plans for the remainder of 2020.
Our way of working on the Future at Lloyd’s has evolved over 2020, with our approach now factoring in more research led design, we are using your feedback to inform our thinking on future solutions. As we deliver our future vision we will be informed by research and data led insights to ensure we are building the right solutions for you and your customers. Blueprint Two, which we will share in November, will be an opportunity for us to visualise how the market could look from end to end for our customers and market participants as we close out 2023, along with the transition stages to reach that goal. Much of this will be informed by customer and data journeys, informed through market led insight.