What we achieved
in transition

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:

Transition highlights

  • 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.

The Future at Lloyd's governance structure

Our future solutions: how we are delivering
the Future at Lloyd's workstreams in Phase I