On 30th September Lloyd’s of London published their vision for the Future at Lloyd’s. Here at r10 we have undertaken a detailed study of the contents of Blueprint One and in the twelfth of a series of bite-sized articles look at the proposals for modernising the role of the Corporation of Lloyd’s.
What are the proposals for the role of Corporation in the future?
The Lloyd’s marketplace will transform over the next few years to be an ecosystem of advanced platforms and services. As the marketplace evolves, the Corporation of Lloyd’s will have to adapt to meet the new environment.
The Corporation will retain its existing responsibilities for :-
- Maintaining regulatory oversight and protecting the Lloyd’s brand.
- Protecting and growing the global license network.
- Providing core market services.
And expand further into:-
- Creating a services hub and accrediting suppliers.
- Setting data, technology and API standards to ensure interoperability across platforms.
- Building and providing data and technology solutions, such as the common data platform and analytics services.
- Cultivating a diverse, inclusive and welcoming culture, underpinned by standards of business conduct.
How will this be achieved?
The Corporation will continue to engage with stakeholders and consult widely across the marketplace, setting a clear strategy for the Future at Lloyd’s. Market associations and advisory committees will provide input to the programme design & execution.
Lloyd’s will build a dedicated team, utilising agile methodologies, to deliver set of modular components and manage the interdependencies across initiatives.
How will it be funded?
The Future at Lloyd’s programme will require substantial funding to complete. Three potential funding opportunities are being explored:-
- Use surplus funds & cash.
- Raise senior debt.
- Securitise against future income flows.
Lloyd’s will continue to be funded by the market levy but will explore ways of monetising new services and accreditation activities. The intention is that, over time, the revenues from the newly developed ecosystem will repay the initial investment.
How can r10 help?
With our in-depth London Market expertise, r10 is uniquely placed to help guide your organisation through the Future at Lloyd’s change programme and over the coming weeks will be updating our blog with insights & guidance on what the changes may mean for you.
Please get in touch for more information on how r10 can help you prepare to play your part in the market of the future.
This is the final blog in our Bite-sized Blueprint one series, to read more visit our other bite-sized capabilities blogs.
Author: Chris Carney