from reform to managing change dr richard ward, chief executive, lloyds
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From reform to managing change Dr Richard Ward, Chief Executive, Lloyd’s
© Lloyd’sFrom reform to managing change September 20102
Lloyd’s today…
© Lloyd’sFrom reform to managing change September 20103
So we need to keep evolving…
Council of Insurance Agents & Brokers (CIAB)•Partnering with LexisNexis to create an insurance exchange to improve the efficiency and transparency of the independent agent-based distribution system in US.•Supported by a broker-controlled and operated entity called The Insurance Exchange Trust (IET).
Qatarlyst•Brings together international insurers/reinsurers and brokers to conduct insurance trading activities •An electronic trading service to facilitate workflow, deliver documentation and provide effective management information - ultimately enable straight though processing capabilities
Ruschlikon Initiative•Group of large European reinsurers, (Swiss Re, Munich Re, Hannover Re et al) •live in the UK, Europe, US and Bermuda. Rule book and implementation standard
New York Insurance Exchange (NYIE)•Move to resurrect the 1980’s NYIE announced in January. Technology will play a key part.
Netherlands electronic Insurance Exchange System (eABS)
•Owned & governed by the Netherlands Insurance Exchange Association (VNBA) •Covers Placing, A&S and Claims - only Claims is currently live •Will be mandatory for all members of the VNAB
© Lloyd’sFrom reform to managing change September 20104
Embracing technology…
© Lloyd’sFrom reform to managing change September 20105
We’ve already seen dramatic change at Lloyd’s…
© Lloyd’sFrom reform to managing change September 20106
Considerable progress so far
We are on a journey to greater efficiency
But there is still work to be done
© Lloyd’sFrom reform to managing change September 20107
The Exchange is the next step on our journey
Working alongside Lloyd’s traditional face-to-face interaction between brokers and underwriters
© Lloyd’sFrom reform to managing change September 20108
One connection, multiple uses
© Lloyd’sFrom reform to managing change September 20109
But we need you to come along for the ride…
© Lloyd’sFrom reform to managing change September 201010
The benefits are many
Improve customer service
Retain and attract business
Lower operational costs
Reduce operational risk
Improve capital efficiency
Create greater transparency
© Lloyd’sFrom reform to managing change September 201011
Where we are at: connections
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Oct-09 Jan-10 Apr-10 Jul-10 Oct-10
Managing agent, Broker and Company connections
Managing agents connected as a % of
total capacity
Brokers connected as a % of total
premium income
IUA companies connected as a % of
IUA members
© Lloyd’sFrom reform to managing change September 201012
Where we are at: message volumes
Total messages month by month and total cumulative messages
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Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10
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Monthly messages Cumulative messages
© Lloyd’sFrom reform to managing change September 201013
Where we’re going…
© Lloyd’sFrom reform to managing change September 201014
But most of all, we want to go from being known for this…
© Lloyd’sFrom reform to managing change September 201015
To being known for this…
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