The impact of the COVID-19 pandemic and the challenges it has presented to the global insurance industry have demonstrated the need to think and organise around systemic risk. That is why Lloyd’s has launched Futureset: a global platform and community designed to create and share risk insight, intelligence and expertise.
One of the major challenges that emerged from the fallout of COVID-19 was the clear expectation gap between insurers and customers. The confusion and loss of confidence this can lead to highlights the urgency with which the global insurance industry must focus on clarifying and simplifying its products in order to improve customer understanding of their coverage.
The Lloyd’s Wordings Hackathon represents one of our latest efforts to promote engagement and innovation across the industry with the goal of advancing product simplification.