June 21, 2019
Global and London advisory committees have been established by Lloyd’s of London to help deliver its new strategy for the future. The members of the committees are comprised of insurance and reinsurance veterans and industry experts.
These prominent industry figures are joining to help the specialist insurance and reinsurance marketplace develop and deliver the future of Lloyd’s, professionals include;
Amanda Blanc, chair of the Association of British Insurers (ABI); Greg Case, chief executive officer (CEO) of Aon; Sian Fisher, CEO of the Chartered Insurance Institute (CII); Dan Glaser, president and CEO of Marsh & McLennan; Evan Greenberg, chairman and CEO of Chubb; and John Haley, CEO of Willis Towers Watson.
Having been launched in May, the future of Lloyd’s strategy followed market consultation with the Lloyd’s ecosystem, and has resulted in the formation of six ideas. These six ideas show how the market can modernise and remain relevant in a rapidly changing and evolving world.
“This is an exciting time for us all as we drive forward the next stage in Lloyd’s evolution and I am delighted that we have the support of a number of global industry leaders, as well as the market associations representing some of our key stakeholders. Together with the feedback and insights we are gathering from our wide-ranging consultation, the advisory committees will play a critical role in providing guidance and advice as we develop and implement a blueprint for the future at Lloyd’s.” Lloyd’s CEO, John Neal stated.
Case, Aon CEO, added: “Aon is committed to anticipating the needs of our clients and working with leading organizations around the world to innovate on their behalf. With this new strategy, Lloyd’s is accelerating its own evolution and charting a path forward for London to continue playing a significant role in the global insurance market. We’re pleased to contribute to this important discussion.”
Describing its new strategy as bold, Lloyd’s explains that it involves several transformational initiatives that have the potential to shape the future of the global insurance and reinsurance market. The Lloyd’s market has been on a mission for some time now to improve efficiency across the board and seeking to remain relevant and competitive in a very challenging market landscape.
The proposals will not only target the delivery of high quality risk protection, but will also offer ways to simplify access to the international insurance market, while at the same time, lowering its costs of doing business.
Blanc of the ABI and CEO of EMEA and Global Bank Distribution at Zurich Insurance, commented: “Ensuring that Lloyd’s is best placed to meet future challenges and opportunities are vital so that the UK remains a world leading insurance market. I look forward to working with colleagues in the insurance industry in developing a strategy that helps Lloyd’s to deliver best value for customers through cutting edge technology, with an inclusive culture that attracts the best talents.”
CEO of the Lloyd’s Market Association (LMA) Sheila Cameron, said: “I am looking forward to working in partnership with Lloyd’s, and on behalf of our members, to ensure that the work we undertake now will define the future success of the market and deliver truly outstanding outcomes for its clients.”
Glaser, CEO and president, Marsh added: “The Future at Lloyd’s is a unique opportunity to transform the marketplace and cater to the growing and diverse needs of its customers. Lloyd’s is an important partner for Marsh & McLennan and our clients, and I’m thrilled to help position it for the future.”