Lloyd’s has launched Blueprint One, which outlines Lloyd’s strategy to build the “most advanced insurance marketplace in the world”, including details of the initiatives that will be delivered for customers and market participants during 2020.
Blueprint one follows the unveiling of the future at Lloyd’s prospectus, released earlier this year, and marks the first in a series of updates which will be issued at least annually.
It also sets out six ideas of improved ways of working, underpinned by a heightened focus on digital, data and technology to deliver greater benefits to customers.
The document describes the solutions and the way in which the ambition set out in the future at Lloyd’s will be delivered by strong transition and execution planning, followed by a series of phased deliveries.
Phase one, which will be delivered during 2020, includes the launch of an electronic risk exchange which could, over time, process as much as 40 percent of Lloyd’s risks.
Lloyd’s will also pilot a solution that automatically triages claims to speed up settlement and introduce simplified onboarding for Lloyd’s coverholders.
Commenting on the launch, John Neal, Lloyd’s CEO, said: “The extensive feedback we have received in progressing the blueprint has confirmed the preeminent place Lloyd’s holds globally in insurance and reinsurance.”
He added: “The plans unveiled today create execution certainty through phased delivery. The support we have enjoyed to date has been essential to delivering blueprint one and we are seeking the renewed commitment of all market participants to partner with us to achieve our vision to build the most advanced insurance marketplace in the world.”