John Neal and Caroline Dunn discuss Lloyd’s purpose and focus on continuing risk solution innovation to support the rapidly changing needs of customers
In last week’s Tuesdays with Lloyd’s event, Chief Executive Officer John Neal and Head of Market Development Caroline Dunn highlighted the unique moment in time and position of the insurance industry today – one where the end customer better understands risk and where Lloyd’s has the opportunity to innovate and lead, to drive greater societal resilience to the world’s biggest risks.
“We are in a rare position where the end customer has really understood risk, COVID has brought systemic risk to the forefront and as an industry we need to innovate to meet the world’s new challenges” said John. Looking inwardly, John shared that “the pandemic has helped us define our purpose, we as insurers have a voice, all of us in our industry have social purpose beating in our heart, we are here because we care and the vast majority of what we take in premium is paid back to our customers at their most critical point of need”.
In a conversation moderated by Hank Watkins, Regional Director & President of Lloyd’s Americas, John and Caroline discussed their insurance backgrounds, views on leadership, the future of the insurance industry, and Lloyd’s vital role within that future.
Following an initial reflection of Lloyd’s 2020 financial performance and growth opportunities for 2021, the discussion turned to how the industry is working to mitigate and insure systemic risks going forward. Both Caroline and John spoke about Futureset, Lloyd’s global platform and community created to share risk insight, expertise, and solutions to our most challenging problems.
The global platform, developed in response to the pandemic, underscores the urgent need to begin a new, connected conversation with customers, insurers, and governments to tackle the challenges that seemingly uninsurable risks can bring. “We’re at an exciting time in the market where we can think about opportunities further ahead,” said Caroline, adding that stakeholders across the industry must be engaged to create forward-looking momentum.
John added that now is the time to create lasting change for the world in which we operate. He said: “This time comes along once in a quarter of a century, so where you work, what you do, where you can make a difference is so important. And I feel that Lloyd’s is a place that can make a difference. If we do it well, Lloyd’s can represent the very best our industry has to offer.”
As examples of Lloyd’s commitment to aligning the previously separate disciplines of underwriting performance and distribution, John noted the recent arrival of Patrick Tiernan as Chief of Markets and Caroline affirmed her support of our market development efforts in North America, where 53% of Lloyd’s premium was produced last year.
The conversation also touched on ESG and culture as critical pillars for transformation. Lloyd’s recently published a culture survey that showed the progress we’re making on inclusion, especially on gender representation, but also highlighted the need for more attention and action to drive change.
John then shared Lloyd’s plans for accelerating the transition to a more sustainable insurance and reinsurance marketplace, highlighting Lloyd’s Environmental, Social and Governance Report released in 2020. The report builds on Lloyd’s existing ESG work with a comprehensive market-wide strategy that aligns with the United Nations’ Sustainable Development Goals and supports the principles set out in the Paris Agreement.
The conversation, which is available for playback on the Link to Lloyd’s YouTube channel, is the latest in a series of “Tuesdays with Lloyd’s” webinars with the theme of staying connected in the virtual world.