After 14 months of planning and over 3,000 pieces of research, Lloyd’s recently published the second phase of its ambitious Future at Lloyd’s strategy. Blueprint Two is a compelling two-year programme that brings to life the ambitions we set out in Blueprint One in September 2019.
Blueprint Two is our delivery plan, detailing tangible solutions that will radically shift the market to a digital ecosystem, powered by data and technology. By focussing on the end-to-end journeys of market participants like you, Blueprint Two sets out a series of solutions that are set to transform your every interaction with Lloyd’s. It is how – together – we will build the most advanced insurance marketplace in the world.
The Future at Lloyd’s strategy, launched in May 2019, is underpinned by four key goals:
- offering better solutions to the risks faced by our customers and risk managers;
- delivering better products and services to our customers and capital providers;
- simplifying the way we work by being more efficient and reducing costs; and
- building an inclusive culture where everyone feels valued.
Listen to Tim Jones discuss Blueprint Two and the Future at Lloyd’s strategy in the latest episode of Airmic Talks:
What does it mean for you?
The COVID-19 pandemic has starkly demonstrated that organisations and economies that adapt to and embrace digitalisation are more resilient, and the market has proven this in many ways. The pandemic prompted us at Lloyd’s to sharpen our focus and quicken our step in delivering some ground-breaking digital solutions under Blueprint One: this continues in Blueprint Two, which has data and technology at its core.
We know that your primary goal is to get covered and recover from a loss – quickly and simply. These priorities have driven our work on Blueprint Two. Below, we have set out the changes being made to the vital processes that affect you the most: getting covered, and recovering from loss. The actions outlined will deliver tangible benefits for risk professionals placing business at Lloyd’s, and ultimately, make your life simpler.
Placement improvements: an intuitive, straight-through process for placing and binding your risk
The digital marketplace we are building has data at its heart, which all begins in the placement process. The structure outlined below will enable you to benefit from easier access to the market, faster risk placement and greater transparency at every stage.
- Risk placement data standards will be clearly defined and enforced, meaning all necessary information is captured at the point of bind and is ‘right first time’.
- Capturing this key data allows the creation of a Core Data Record – a ‘golden thread’ running throughout the lifecycle of your policy, enabling integration across all processes including payment, endorsements, renewals, reporting and, critically, claims processing.
- The ‘next generation’ of placing platforms being developed will be user-friendly, operated on a ‘data-first’ rather than the current ‘document-plus-data’ system, and will be supported by streamlined information exchanges between brokers and insurers during placement.
Our ambition is to cut the time it takes from your initial request, to bind and policy issuance, from weeks to days through the application of these placement process measures.
A new claims platform, to deliver a seamless experience
We know that claims are the moment of truth for risk managers, which is why we are committed to delivering a new claims platform that will facilitate fewer queries, faster payments, and utmost clarity on the progress of your claim.
- We have already changed our definitions of standard and complex claims, meaning we can process more claims more quickly and can now settle claims of £10,000 or less automatically.
- The new claims process will be supported by better data driven from placement, as well as by a suite of centralised support functions.
- You will have access to your exact claims status and next steps throughout the lifecycle of a claim, providing transparency.
- Cycle times will reduce and payments will be quicker by linking relevant loss and policy data, automating aspects of the claims handling process and creating seamless interfaces with carriers’ claims systems.
- New support services, communication and collaboration tools will be delivered to support all stakeholders involved in claims handling throughout the lifecycle of the claim.
The measures in place from Blueprint One have already cut average claims payment times by three days, and the new claims platform will build on these efficiencies.
We’re getting ready for a digital future. Are you?
Our work in delivering this digital marketplace over the next two years will not only mean that buying insurance is faster, more efficient and better value, but that you can be confident in a best-in-class claims service. By transforming the way we operate at Lloyd’s, we have no doubt that this will enable you to move forwards and navigate new risks with confidence in this rapidly changing world we operate in.
To find out more and get involved in the marketplace’s truly transformational journey, go to futureat.lloyds.com.