Lloyd’s updates future plan

Lloyd’s has published its execution plans for the first phase of the Future at Lloyd’s in an online update to Blueprint One.

As part of those plans, Lloyd’s also confirmed that the Corporation will take a 40 percent stake in the London Market’s electronic placing platform (PPL), which will form a key component of the new complex risk platform. The update also confirms that the first risk exchange pilot will be trialled in 2020, connecting broker and insurer e-trading portals.

Lloyd’s has worked with stakeholders during the transition period to move into the first phase of delivery. Funding has also been secured for Phase 1 of the programme during transition, as well as setting up the governance structure and establishing the delivery teams.

Lloyd’s confirmed its commitment to development of the next generation PPL, as part of the complex risk platform; a new digital solution for Coverholder business as part of the Lloyd’s risk exchange that will make it quicker and easier for capital to attach to risk; and accelerated process improvements to claims, including piloting automated settlement.

Lloyd’s will also prioritise three foundational initiatives in 2020 that will create the essential infrastructure and lay the groundwork for the Future, namely, data and technology architecture, lead/follow (modern syndication of risk), and middle and back office transformation.

In parallel to the 2020 priorities, Lloyd’s will continue to progress the ideas laid out in Blueprint One for delivery in 2021. These include a prototype of the “data-first” version of the complex risk platform, new capital investment opportunities, including through the syndicate-in-a-box framework, and a commitment to ongoing cultural change.