The Lloyd’s Market Association (LMA) has welcomed the launch of Blueprint One, which provides the latest strategic thinking from Lloyd’s around six ideas, first set out in their Prospectus, alongside a phased execution plan.
Following publication of the Prospectus in May, the LMA initiated a consultation with its membership, the managing and members’ agents community. From this process, a written response to Lloyd’s presented the views of the LMA and its members to help inform the next stages of the Lloyd’s proposal. A number of key points from the LMA’s response feature in the latest plan, namely: a data-first approach to risk placement; a customer centric claims solution; modernised syndication; efficient processes for capital and new syndicates and focussed efforts on a culture which attracts the best global talent.
LMA CEO Sheila Cameron said: “Lloyd’s ambition to be the most advanced insurance marketplace in the world is achievable, but will be thoroughly dependent on our ability to innovate and evolve our model so that we may continue to offer outstanding underwriting products and services to our customers. It is absolutely right that this is the primary focus of the Future at Lloyd’s, which is why it has the broad support of the LMA and the wider market.
“I am reassured that many of the comments and questions posed in our response to Lloyd’s have been addressed or acknowledged in Blueprint One. We look forward to seeing more detailed development of the six integrated solutions that will form the future Lloyd’s ecosystem and help to shape the development of some of the supporting strands such as modern risk syndication.
“In the coming days and weeks, we will take due care and attention to digest, understand and reflect on the specifics and finer points of the Blueprint and begin a detailed engagement process with our members, so that we can continue to play an important part in executing the plan and shaping the future of our market.”