Author: Tim Jones, the Market Transformation Director at Lloyd’s
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.
The Future at Lloyd’s strategy, launched in May 2019, is underpinned by four key goals:
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.
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.
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.