The future at Lloyd’s

In 2019 Lloyd’s unveiled its new strategy to drive modernisation and growth for the next decade. BIBA was delighted to be asked to actively engage and consult with Lloyd’s on this. The Future at Lloyd’s’ Strategy, sets out bold ideas to bring about radical change and stimulate significant growth, including:

  • Cementing its position as a leading market for complex risk
  • Building a new digital risk exchange
  • Offering a next generation claims service. 

BIBA believes that Lloyd’s is on the right track and deserves our full support. We stated our concerns about market dislocation left by the Decile 10 process which has caused significant problems for many members and their clients. Lloyd’s is  keen to broaden its distribution base and BIBA can help with this aim.

Equally, we recognise the important role played by London Market wholesale brokers in qualifying risks and presenting them to the best syndicates based on appetite and expertise. This is particularly relevant in the area of complex risk. The strategy must not disintermediate brokers in the chain where they add value today.

BIBA COMMITMENT

To work with Lloyd’s to simplify their UK distribution model so that our members can more readily access the specialised product expertise and innovative thinking resident at Lloyd’s.

“As we move into the Future at Lloyd’s delivery phase in 2020, we are continuing to engage with BIBA and its members. Your input has played a crucial role in shaping the design of the Future at Lloyd’s so far, and will continue to do as we build, test and refine the solutions. Lloyd’s is a brokered market, and always will be, so we are committed to making the Lloyd’s market accessible, flexible and efficient for the benefit of everyone who works with us, including our brokers and their customers. This includes working  with brokers to pioneer innovative solutions, products and services for the new risks faced by customers in a modern digital economy and changing world.” 

JOHN NEAL  

CEO Lloyd’s

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