Lloyd’s unveils blueprints for the future of insurance

past and the future

It was only a matter of time before Lloyd’s announced plans for world domination; with the publication of its Blueprint One document, the insurance institution has set out its ambition to build the most advanced insurance marketplace in the world

Blueprint One marks the first of many Lloyd’s publications that will be released at least annually, following the unveiling of the Future at Lloyd’s prospectus back in May. The document outlines six concepts that will improve ways of working in order to deliver better benefits to customers, with an increased focus on digital, data and technology.

The initiative is to be delivered in phases, Phase I of which is set to begin next year. It will include the launch of an electronic risk exchange predicted to process as much as 40 per cent of Lloyd’s risks; the piloting of a solution that automatically triages claims to speed up settlement; the introduction of simplified onboarding for Lloyd’s cover holders; a new digital complex risk platform; and a new online services hub.

Elsewhere Lloyd’s also announced that Munich Re will launch the first new ‘Syndicate-in-a-Box’ through the Lloyd’s vehicle Munich Re Syndicate Limited. The Munich Re Innovation Syndicate will begin underwriting on 1 January 2020 with no physical presence in Lloyd’s. It will underwrite a range of innovative lines of business such as renewable energy and parametric insurance for weather risks.

Lloyd’s CEO John Neal commented: “The extensive feedback we have received in progressing the blueprint has confirmed the pre-eminent place Lloyd’s holds globally in insurance and reinsurance. The plans unveiled today create execution certainty through phased delivery.  The support we have enjoyed to date has been essential to delivering Blueprint One and we are seeking the renewed commitment of all market participants to partner with us to achieve our vision to build the most advanced insurance marketplace in the world.”

“The broking community welcomes the fact that the development of the blueprint for the Future at Lloyd’s has been a positive and discursive process,” said Chris Croft, Chief Executive of the London & International Brokers’ Association (LIIBA). “For any market development, the distribution arm is at the front end of the process, getting that part right is critical to whatever Lloyd’s develops, as is ensuring any solutions developed work equally efficiently for non-Lloyd’s carriers, given the global nature of our market.”