Lloyd's of London releases plans for 2021 growth, digital strategy
Blueprint Two outlines the next phase of Lloyd's strategy to build the world's most advanced insurance marketplace.
Lloyd’s of London’s journey to becoming the most advanced insurance marketplace in the world has entered its next phase.
On Nov. 5th, Lloyd’s released Blueprint Two, which outlines its strategy to deliver insurance solutions powered by data and technology to shift the market to a digital ecosystem.
The two-year program will “profoundly transform the way in which customers get covered, right through to recovering from loss,” said the over 330-year-old company in a statement. The transformation will be anchored by a redesign of the insurance lifecycle process — from placement and payment to claims and renewals — that provides a seamless digital service for worldwide customers and stakeholders.
“The pandemic has demonstrated that Lloyd’s can adapt in a fast-changing environment, and this has only increased our hunger to get on and make further change happen,” said Chairman Bruce Carnegie-Brown in a release. “As a market, we have the appetite and energy to execute on our plans for the future, and in doing so, we have the makings of real, transformational change. Blueprint Two is our roadmap to get there, and I’m confident that together we can make it happen.”
The next step of Future at Lloyd’s
Blueprint Two represents the second phase of the firm’s Future at Lloyd’s strategy, building on goals set in Blueprint One. A few of the objectives Lloyd’s achieved during the first phase include reducing the cost of doing business at Lloyd’s, simplifying access to products and services, and forming a more inclusive and innovative culture that attracts talent.
Blueprint Two’s primary aim is to deliver significant operational efficiencies that make it simpler and more efficient for market participants to trade, says Lloyd’s. Brokers, underwriters, and business partners are expected to save an estimated 800 million pounds (approx. $10.5M) in operating costs as a result.
Among phase two’s goals are:
- Approved and clear data standards to support next-gen placement platforms and solutions.
- A new Lloyd’s marketplace gateway and super-fast processing capability to issue insurance coverage in minutes, with the simultaneous creation of technical accounting records.
- Automated claims recognition, routing, and orchestration.
“The plans we set out in Blueprint Two will deliver truly revolutionary change for the market, ensuring the future of the Lloyd’s market is digital from start to finish, with data at its core,” said Jen Rigby, COO and executive sponsor of Future at Lloyd’s, in a press release. “We’re now bringing to life the thinking in Blueprint One by practically showing how our future digital ecosystem will improve risk placement in the market and help customers recover from loss. It’s been an incredible journey so far, and I’m excited about bringing these solutions to life over the next two years.”
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