Insurance Speak: Focusing on the future of insurance
Hank Watkins and Carey Bond from Lloyd’s of London share their insights on the industry and highlight how the company will deliver claims solutions in the U.S.
From its inception in 1688 in Edward Lloyd’s coffee shop until today, Lloyd’s of London has made its reputation in insurance despite not being an actual insurer. From the early days when it focused on coverage for ships and cargo, it has evolved into a company with 90 syndicates that write approximately 60 classes of business with licenses in 150 companies around the globe.
It is against this backdrop that our latest Insurance Speak podcast features a conversation with Carey Bond, the new U.S. head of claims for Lloyd’s of London, and Hank Watkins, the regional director and president of Lloyd’s Americas for a forward look at what they see ahead for the industry. Lloyd’s of London: Focusing on the future of insurance also addresses how the coronavirus has affected the insurance industry.
Bond shares that the primary focus of his new position is to deliver claims solutions in the U.S., including digital solutions that will allow the company to route claims and close them more quickly.
In terms of COVID-19 claims, Watkins said that since February, the company had incurred $3 billion in claims as businesses shut down, and expects losses to climb to $5 billion. A large number have involved event cancellation, communicable disease and property claims.
Lloyd’s conducted a study early into the pandemic and estimated that the impact on the insurance industry would range from $103-104 billion in the U.S.
To hear more about this discussion, listen to the podcast here.
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