What we achieved
The work we have been doing during transition means we are ready to start building the Future at Lloyd’s. We achieved three major objectives: securing finance; setting the governance structure; and detailing the plan for 2020. In addition, a lot of work has been going on in each of the workstreams, ranging from building early-stage components and proofs of concept to furthering design work and putting resources in place.
Here’s a reminder of some of the key design elements of the Future at Lloyd’s we set out
in Blueprint One:
- Complex risk: agreed significant investment in PPL and issued a tender for its re-platforming
- Lloyd's risk exchange (including digital coverholder solution): The coverholder solution has been
re-engineered for first delivery in November 2020
- 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) and have a tender in the market
- 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)
- 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; 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 solution, select the 'Our future solutions' icon below.