Key Industry Leaders Will Support Future Lloyd's Strategy

Lloyd's has formed global and London advisory committees to support its strategy toward "nimbler and faster [offerings] … supported by technology, innovation, and flexible, responsive capital."¹ Members of the advisory committees include the following global insurance industry heavyweights.

• Amanda Blanc, chair of the Association of British Insurers (ABI)
• Greg Case, CEO of Aon
• Sian Fisher, CEO of the Chartered Insurance Institute
• Dan Glaser, president and CEO of Marsh & McLennan
• Evan Greenberg, chairman and CEO, Chubb
• John Haley, CEO of Willis Towers Watson

The advisory committees will be responsible for supporting the creation of the future at Lloyd's, which is focused on offering better value for customers through cutting-edge risk management products and services, simplifying access to the market, reducing the cost of doing business, and building an inclusive, innovative culture that attracts the best talent.

"Ensuring that Lloyd's is best placed to meet future challenges and opportunities is vital so that the UK remains a world leading insurance market. I look forward to working with colleagues in the insurance industry in developing a strategy that helps Lloyd's to deliver best value for customers through cutting-edge technology, with an inclusive culture that attracts the best talents," said Ms. Blanc, who in addition to serving as ABI chair is also CEO, Europe, Middle East, and Africa and global bank distribution, Zurich Insurance.

The Future at Lloyd's strategy was launched in May 2019 and followed by wide-ranging consultation involving the Lloyd's ecosystem of market participants, customers, and other stakeholders on the "transformational" initiatives outlined in the prospectus. Work will begin on building and delivering prototypes and full services in October 2019, with some operational in early 2020.

Six ideas are outlined in the Future at Lloyd's, as follows.

• 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

1. The Future at Lloyd's prospectus, "Foreword by the Chairman," by Bruce Carnegie-Brown.