Our progress to date
In response to the impacts of COVID-19, we have refocused our priorities to ensure we deliver key market priorities that deliver the most value. Over the past two months, we have made good progress across those priorities, and you can see some of our highlights below.
- Complex risk: Lloyd's is now a significant PPL shareholder, and we are making good progress on developing the next-generation document-plus-data version of PPL as a component of the complex risk platform
- Delegated Contract Manager and Delegated Compliance Manager: both systems have been re-engineered for delivery in Q1 2021
- Capital: we launched one pilot for ILS on 1 January 2020; we have one more planned for 2020 and one more in serious (but early) discussions for 2021
- Claims: we have scoped process re-engineering work (prioritising delegated authority). 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
- Finance: we have raised £300m of new debt at an attractive price to fund the programme
- Lloyd's risk exchange: we have designed a pilot to connect the market and transact business (quote, bind and document production via APIs. Three brokers and five carriers are in discussions for first pilot product)
- Lead/follow (modern syndication of risk): pilot classes agreed and announced (Marine Hull and International Casualty binders). We have approved a new syndicate at Lloyd's, Ki - a collaboration between Brit and Google Cloud, which is a fully digital algorithmically driven syndicate designed to redefine the commercial insurance market as a 'follow only' syndicate
- People and culture: appointed Lloyd's Cultural Advisory Group to provide expert leadership
- Syndicate in a box: Munich Re Innovation Syndicate 1840 has gone live and is writing business and we also welcomed our second syndicate in a box, Carbon. There are multiple proposals now in pipeline with business plans
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.