Lloyd's value proposition
At Lloyd’s we believe our purpose, sharing risk to create a braver world, defines our role in the world and guides the work of our market.
During the early part of 2019, we spoke to hundreds of stakeholders to understand how we should evolve Lloyd’s to continue to achieve this purpose in the future.
Based on this feedback, we defined our value proposition to clearly articulate how the Lloyd’s market creates value today and which our strategy, the Future at Lloyd’s, is now building upon.
- Choice - We’re the world’s largest insurance marketplace and global distribution network, competing and collaborating for the benefit of our customers, to share risks no matter what the size, location, industry or complexity.
- Confidence - We take pride in doing what’s right, paying all valid claims. For over three centuries the security of Lloyd’s has protected what matters most to people, businesses and communities and helped them recover in times of need.
- Partnerships - The trusted relationships that underpin our marketplace are one of our greatest strengths. Our community of experts bring a collaborative culture of mutual respect to best serve our customers, enabling us to share risk.
- Expertise - With an unrivalled depth and breadth of insurance expertise, new ground is familiar territory to Lloyd’s. We bring together the best minds in the industry, and together our underwriters and brokers create innovative, responsive solutions.
- Insight - Lloyd’s has always been an intelligence network and continues to lead the industry. Our insight, experience, judgement and advice inform decision-making and ensure our customers stay resilient and ahead.
- Ecosystem - As a marketplace, Lloyd’s provides access to economies of scale through consistent standards and shared business services. Our competitive environment and capital efficiencies improve performance and unlock new opportunities.
To bring the proposition to life, we have been promoting stories about how the market is sharing risk to support the demand for renewable energy, improving how claims are managed when there is a natural catastrophe and innovating to insure new sectors such as the sharing economy. We have worked closely with stakeholders in the market to create dedicated resources to showcase the Lloyd’s market and launched a new set of materials for Lloyd’s underwriters, brokers and coverholders so they can promote their Lloyd’s partnership via our partner resource hub.
Future at Lloyd's
In 2019 Lloyd’s launched its new strategy to become the most customer-obsessed and technologically advanced insurance marketplace in the world. On 1 May we published our prospectus which marked the beginning of a formal consultation exercise on our ambitions for the Lloyd’s market. The feedback we got highlighted four key areas we needed to focus our strategy on. These were:
- Offer even better solutions for our customers’ risks
- Simplify the process of accessing products and services at Lloyd’s
- Reduce the cost of doing business
- Build an inclusive and innovative culture that attracts leading talent to Lloyd’s
Through our online survey and more than 300 interviews, we received thousands of responses which helped us identify six transformative solutions to achieve our vision. We used this feedback to add more detail to the strategy, which we published in Blueprint One on 30 September 2019. This set out the six solutions which are: the complex risk platform, Lloyd’s risk exchange, the claims solution, the capital solution, syndicate in a box and the services hub.
Blueprint One also set out:
- Our strategic intent, describing how the Lloyd’s market of the future will look
- Our current thinking on the six solutions, and the foundations needed to support them, informed by our consultation
- Details of the delivery plans for each solution
After the publication of Blueprint One, we spent six months in a transition phase preparing to deliver the Future at Lloyd's. Achievements during the transition period included setting up the Future at Lloyd's governance structure, putting in place the resources to deliver the various workstreams and securing the finance for the strategy.
Future at Lloyd's next stepsPhase I delivery will begin in Q2 2020 with a clear, measurable set of goals. In view of the global economic and insurance industry impacts of Covid-19, we have taken the decision to further sharpen our focus on 2020 investments and delivery for the Future at Lloyd’s to the most critical components that deliver value to the market and our customers.
These include advancing in haste the next generation document-plus-data version of PPL as a core component of the complex risk platform, alongside the digital solution for managing our coverholder business.
These two pieces of work will ensure that around 80% of Lloyd’s business will see significant improvements, together with ensuring we continue to build the foundational data and technology infrastructure to support our future ecosystem. The Future at Lloyd's is an ambitious strategy that will make us more efficient, more diverse and more valuable to our customers, so we can continue to fulfil our purpose: Sharing risk to create a braver world.