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Product simplification

Building simpler insurance products to better protect customers

The COVID-19 pandemic has brought forward the urgency with which the global insurance industry must invest in clarifying and simplifying its products. With simpler product design and delivery, customers can better understand their coverage, empowering them with the confidence that their insurance policy is the most relevant and efficient protection against the risks they face.

The Lloyd’s market has responded to this need by taking concrete action to offer customers simpler, clearer protection. In recognition of this, through the Futuresetters Community, we have chosen to highlight some of the outstanding product innovation solutions to come out of the Lloyd’s Lab:

Parametrix

A simplified parametric insurance product for cloud-reliant companies, allowing policyholders to quickly recover from the financial repercussions of an outage event.

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Beazley

Beazley’s reputational risk product is able to help policyholders take more control of their corporate brand and reputation, minimising this risk on the balance sheet.

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Parsyl

A supply chain data company and cargo insurer, protecting all things perishable; transforming how global supply chains manage and share risk.

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Layr

An AI powered insurance platform providing faster access for small businesses buying liability insurance.

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Lloyd’s Wordings Hackathon

The Lloyd’s Wordings Hackathon was an online event held in June 2021 as part of Lloyd’s ongoing commitment to simplify insurance products and support better customer outcomes.

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Lloyd’s Insights

Report: Easy to understand insurance policies Guidance

This guidance focuses on the need for insurance contracts to be as clear as possible and not assume an in depth understanding of insurance or law.

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For a more comprehensive view on Lloyd’s Product Simplification efforts in a post-COVID world, read our 2020 report linked below:

Report: Supporting global recovery and resilience for customers and economies

This report sets out three key recommendations that the global insurance industry should implement to respond to the challenges that COVID-19 has presented. Alongside these global industry recommendations, the report also outlines the affirmative actions Lloyd’s is taking on its own.

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