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Lloyd's of London secures £300m for digital transformation
Lloyd's of London has secured funding for a modernisation programme that will start next year
Insurance market Lloyd's of London has secured £300m and set up a technology and transformation committee as part of its plans to transform through the latest technology.
Under the planned reforms which are part of The future of Lloyd’s programme, the company will focus on accelerating the development of products and services to meet customer demands, such as simpler access to services as well as lower costs.
In May, when the plans were announced, Lloyd's of London’s CEO John Neal said technology and data analytics are disrupting traditional business models.
“Customers are facing new risks as their asset mix shifts from tangible to intangible and, consequently, are seeking new insurance products and services to protect their businesses,” he said.
The reforms include the introduction of a digital platform for complex risks, while standard contracts such as small marine cargo agreements will be placed through a separate online platform called Lloyd’s Risk Exchange, taking just minutes and at a fraction of today’s costs.
The need to improve data quality and capture on a granular, real-time basis, as well as robust standards and governance processes, is a major focus for the 330-year-old insurance market.
Next year will see the start of a series of phased deliveries, and in preparation, it has announced a new board and council to oversee this. This follows planning on a project known as Blue Print One.
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- Reforms will include a split into two automated exchanges, which is expected to boost performance and savings.
- The 330-year-old insurance market is evolving its data efforts as part of a far-reaching modernisation strategy.
- Collaboration across the cyber insurance, technology and security organisations in London could make the capital a leading world centre on these topics.
In February, the organisation will publish Blueprint 1a, which will set out the detailed plans and what it expects to deliver in phase one of the implementation.
“Since the launch of Blueprint One, we have focused on designing a carefully structured and managed approach to planning and execution to allow regular delivery of value to the market,” said Neal. “With robust governance and oversight now in place, and the funds for delivery secured, we have every confidence in the successful delivery of the Future at Lloyd’s.”
Lloyd's of London’s chief operations officer Jennifer Rigby said a dedicated team is working to develop and deliver the solutions that will fundamentally transform the Lloyd's market.
As part of this, Lloyd's of London said it plans to expand its innovation hub into a product development incubator involving entrepreneurs, tech companies, brokers and underwriters.