Lead/follow (modern syndication of risk)

Executive sponsor: John Neal

Market sponsor: Sheila Cameron, LMA

Business owner: Caroline Dunn

Workstream lead: David Lawrence

What it is

Lead/follow seeks to deliver best in breed underwriting by leaders, whilst making it simpler and cheaper for followers to follow.

Our progress to date

Learn about how we have progressed since our last update back on 30 September 2019.

How our thinking has evolved

As part of our sharpened focus, we are re-planning our approach and delivery – we will be giving an update in July.

Our current focus is on defining lead/follow standards and reducing duplication in the current processes.

For more information and to find out how you can get involved and assist in designing the future of the lead/follow solution at Lloyd’s, please email LeadFollow@lloyds.com

How lead/follow will create value for stakeholders

Customers

  • Cost savings, resulting from operational efficiencies, shared with the customer
  • Quicker complex claims handling through less duplication and greater leader authority
  • Faster market response times due to improved processes

Brokers and coverholders

  • Faster risk placement as duplication in the placement process is removed
  • Well considered and informed quote responses by best in class lead underwriters
  • Cost savings, resulting from operational efficiencies, shared with the customer
  • Follow capacity easier to source due to high lead standards

Insurers

  • Leaders recognised as world class and innovative in chosen class
  • Reduced expenses due to removal of duplication