Lloyd’s has published a new strategy for 2014-2016, setting out how it will work towards achieving its 2025 goals.
The plan details how the Corporation will support managing agents, brokers and capital providers in an evolving distribution and capital environment.
The strategy also outlines how the Corporation will maintain the flexibility and efficiency of the Lloyd’s platform through innovation, to ensure it remains attractive to insurers, brokers and policyholders.
“We all know that Lloyd’s has an extraordinary opportunity to grow in developing economies around the world: we developed Lloyd’s Vision 2025 in part to address this opportunity,” said Lloyd’s Chairman John Nelson. “This plan, which will require active participation from all parts of the Lloyd’s market, sets out how we will work towards achieving our 2025 goals over the next three years.”
“Increasing the diversity of business, capital and people at Lloyd’s continues to be a priority. But Vision 2025 was always intended to be a dynamic strategy and, two years on from its launch, there are some changes in emphasis.”
Building Lloyd’s share of insurance as well as reinsurance business in growth economies is important, for example. So Lloyd’s will increase its local presence, and in some cases local establishment, across international markets. The aim is to make it as easy for brokers and coverholders to access Lloyd’s as they would local market carriers.
The new strategy covers market modernisation, including technology and processes, but it also addresses the way the market does business, now and in the future. It encompasses attracting and retaining talent, behaviour, distribution relationships and more.
(Source: Lloyd’s of London)