Starting next year, Lloyd's franchisees will have a new set of standards to meet in order to remain a thriving concern in the world's oldest insurance market. Franchise Performance Director Rolf Tolle described them as the "cornerstone of Lloyd's three-year strategic plan to ensure the market remains at the leading edge of the insurance industry."
"The minimum standards represent the values that are important to us, and by putting them down in black and white in this way, we are creating tangible proof of that," he added.
Essentially, the standards consist of requirements that certain business processes be in place to not only avoid excessive loss, but to ensure a healthy underwriting profit as well.
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