Our progress to date
In Q1 2020 we were firmly in the transition stage of the Future at Lloyd’s, building out programme resources and plans, reprioritising activities based on market feedback and securing the £300m funding required to move forward. We also set up the governance framework for the programme to ensure that decisions and investments we managed carefully through the course of this multi-year programme.
As result of COVID-19, we swiftly replanned our priorities to focus on key market priorities that deliver the most value. These priorities were PPL as part of the placement process, delegated authority and claims. Despite the challenges faced by COVID-19 the market and the programme has made good progress across those priorities, and you can see some of our highlights below.
Progress highlights from the past six months
- Placement: Lloyd’s finalised its investment in PPL and is now a significant shareholder, represented on PPL’s Board. Lloyd’s also launched the Quote and Submission APIs to support the seamless transfer of data between PPL and broker and carrier systems, reducing manual data entry and reducing potential data errors. Work continues to plan the development of the next-generation PPL platform as the document plus data solution for complex risk. In response to COVID-19 we have also been working with the market to create a pilot 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.
- Delegated Authority: Having completed a period of replanning with now have a signed contract to move forward with a new supplier to deliver our now termed Delegated Contract Manager and Delegated Oversight Manager (Chorus). Work continues to deliver the first technology drop for the Delegated Contract Manager which replaces BAR for binder registrations later this year with adoption currently targeted for Q1 2021.
- Claims: We have streamlined the claims process, taking an average of three days off transaction times by reducing the number of people who need to approve our less complex claims. We have also reduced bureaucracy for claims processing for binding authorities and launched a new pilot for automated payments for small value claims.
- Lead/follow (modern syndication of risk): We have approved a new syndicate at Lloyd's, Ki - a collaboration between Brit and Google Cloud, which is a fully digital algorithmically driven ‘follow only’ syndicate designed to redefine the commercial insurance market. Nephila’s Syndicate 2358 was also approved. We have also worked extensively with the LMA and Managing Agents on potential Lead Follow standards and work continues to refine these.
- People and culture: Lloyd’s established its Cultural Advisory Group to provide expert leadership in this area.
- Syndicate in a box: Munich Re Innovation Syndicate 1840 went live in Q1 and is writing business, Q2 saw Lloyd’s welcome the launch an additional syndicate in a box, Carbon syndicate 4747. Our New Entrants team continues to receive and review new applications.
For a more detailed look at the progress we have made for each Future at Lloyd's solutions, select the 'Our future solutions' box below.