Today Lloyd’s confirmed that the proposals set out in the Future at Lloyd’s prospectus have received widespread backing from Lloyd’s market participants, customers and other stakeholders, as the consultation on the global insurance market’s bold new strategy, launched on 1 May this year, draws to a close and the blueprint build begins.

The consultation on the six transformational initiatives proposed* generated more than 4,000 insights, over a 10-week period, including almost 500 online survey respondents and 300 interviews involving more than 600 people. This extensive engagement has captured feedback from the broadest range of the market’s unique ecosystem of participants, customers and stakeholders in the UK, and across Lloyd’s Global Network with the majority reporting they are confident the proposals will deliver the aims of the Future at Lloyd’s**.

John Neal, Lloyd’s CEO, said: “The reimagining of the Lloyd’s platform, through a set of plug-and-play ideas that could revolutionise the way we do things, offers our market an incredible chance to create the most customer-centric digital insurance platform in the world. The outstanding level of support we have received so far through our open and extensive consultation process demonstrates that the Future at Lloyd’s goals and proposals offer a compelling and relevant foundation on which we can begin building a blueprint.”

Jon Hancock, Lloyd’s Performance Management Director, added: “The feedback we have received over the past 10 weeks has been instrumental in helping us shape the ideas and next steps for the Future at Lloyd’s, and demonstrates the value of the bottom-up approach we have taken from the outset. As we begin creating the blueprint, we will continue to work with all of our stakeholders to refine and develop the proposals ensuring that they are representative of the feedback And help us plan and prioritise.

The Future at Lloyd’s blueprint will be published on 30 September. In parallel, the work now begins in earnest to build and deliver prototypes with some solutions operational in early 2020. The recently announced Global and London advisory committees have also had their initial meetings, with both committees playing a critical role in providing guidance and advice as the blueprint for the future at Lloyd’s begins development and implementation. 

Lloyd’s rating upgraded

Lloyd’s firm steps towards improving the market’s business processes and driving greater efficiencies has been recognised by the rating agency Standard & Poor’s (S&P), which upgraded Lloyd’s financial strength rating to A+ in June. S&P Global Ratings also revised its Lloyd’s outlook from negative to stable.

Lloyd’s CFO, Burkhard Keese, said:

“This is great news and the decision was based on several positive factors. Most notably, the strengthening of Lloyd’s capital position was recognised by S&P as significantly higher than their AA confidence level. Lloyd’s recent focus on underwriting discipline was also highlighted, giving S&P the confidence that the Lloyd’s market will return to profitability within the next three years.”

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