Insurance market Lloyd’s of London has secured £300m of senior debt to implement a large-scale digital transformation project that aims to build the most advanced insurance marketplace in the world.
The Future at Lloyd’s will combine data, technology and new ways of working with the company’s existing strengths to transform its culture and operations, from placing risks and paying claims to attracting capital and developing new products.
The planned reforms include:
- A platform for complex risk that makes doing business easier and enables efficient digital placement of the most difficult-to-cover risks.
- Lloyd’s Risk Exchange through which less complex risks can be placed in minutes at a fraction of today’s costs.
- Flexible capital that can simply and effectively access a diverse set of insurance risks on the Lloyd’s platform.
- A Syndicate-in-a-Box, which offers a streamlined opportunity for innovators to bring new products and business into the market.
- A next-generation claims service that improves customer experience and increases trust in the market by speeding up claims payments.
- An ecosystem of services that helps all market participants develop new business and provide outstanding service to their customers.
Lloyd’s has formed a technology and transformation committee to oversee its digital transformation, and recently published the first in a series of blueprints setting out what will happen next and what will have been achieved by the end of 2020.
When the plans were announced in May, the company’s CEO John Neal said: “Lloyd’s unique attributes – the ability to access unparalleled underwriting expertise, financial security and market access all in one place – are more relevant today than ever. However, a dynamic risk environment combined with rapid advancements in technology have fundamentally changed the world.”
He added: “Together we have a tremendous opportunity to reimagine Lloyd’s and build a marketplace that is future focused, highly responsive to the changing and diverse needs of our global customers, with a culture of inclusivity and innovation.”
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Tags: digital transformation