Imagine a world in which a Lloyd’s ecosystem allows insurers to reinvent themselves in real time to continue to create outstanding value for customers

As a Lloyd’s syndicate underwriter working in today’s highly competitive insurance market, I know how important it is to offer outstanding value to customers. I need to be better than my competitors, whether that be through offering new products, better risk mitigation advice and support, or reduced costs.


Working within the Lloyd’s market helps me do this because of the unrivalled access all participants have to its new ecosystem. The ecosystem includes three elements at its core: an expanded Lloyd's Innovation Lab, an unrivalled dataset of relevant information and library of insight, and a comprehensive partnership of service providers (both Lloyd’s and third party) that help me offer even better services to my customers.


There is a real sense of community at Lloyd’s, reinforcing a culture of innovation and inclusion. The value of this ecosystem became apparent to me recently, when I brought a new product to market. I had an idea after reading some of the research that was coming out of the Lab, which acts as a hub for the latest news on emerging risks and new solutions, and as a product development incubator. The Lab had identifed a need for a reputational risk product that was adjacent to something I already write. I could use and build on the initial models that Lloyd’s had developed to refine my understanding of the risk and create new wording for the new product.


The research told me the demand existed, but I needed to find out more about the customer base. Lloyd’s has used its scale to create truly unique datasets, and I was able to find out which segments of customers were already buying reputational cover and which segments might be interested in my new product.


As well as Lloyd’s own data, I found a third-party data provider who uses public social media feeds to create reputational indices for corporations over time. I used that data source to improve my risk modeling for this new product. Lloyd’s role was integral – by helping me identify and access its leading collection of digital insights on insurance related matters. I could focus less on data management and more on using it to develop better products. All of this is integrated through a consistent data architecture that makes it easy for me to access and integrate data from a central point into my system.


The platform also gives me access to a huge potential market. Through the ecosystem and the partnerships Lloyd’s has created, I found I could offer additional, unique services to my new customers, secure in the knowledge that it has carried out all the procurement groundwork for the suppliers and partners in the ecosystem. With issues of reputational cover, rapid response to any damaging media reports is key – especially for consumer-facing businesses. Getting back onto the front foot is tricky, especially for many of my smaller and medium-sized clients, who don’t have top PR frms on retainer.


Through the Lloyd’s ecosystem, I identified a smaller firm that can help my future customers rapidly respond to reputational issues on social media as they unfold. My product and the response service are part of a holistic solution that I can now offer my customers. Lloyd’s has also made it easier for new participants to work in the market because of the unbundled services available in the ecosystem.


My syndicate used to do everything in-house because it was easier. Lloyd’s has opened up the services available beyond independent claims managers, loss adjustors and legal services, and made it possible for any best-in-class provider working in Lloyd’s to offer and charge for services.


We now outsource our reporting and compliance checking to a service partner. It is a win-win for everyone: I can outsource the things I don’t do well and focus on core activities; my service partner can generate fee based revenue and economies of scale. All this demonstrates how Lloyd’s is embracing innovation. In addition to the above, it is actively taking a long-term view on small-scale experiments specifcally with regards to performance management.


Lloyd’s has come a long way since I first started working here. It has transformed itself into a vibrant, digital ecosystem of unique data-led insight, expertise and additional services. It is a collaborative, expert community with an inclusive and innovative culture that improves underwriting, and delivers consistently excellent products and services.



We need to encourage innovation, offer better solutions for the full breadth of our customers’ risks, and create an inclusive and innovative culture.

Will an expanded Lloyd's Lab and ecosystem of data and services increase the value we collectively provide to customers, and help us create a distinctive and inclusive culture?

How could we do this even better?

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