Efforts to make Lloyd's more attractive to its brokers and clients and to strengthen the Lloyd's franchise are the focus of the Lloyd's Market Board (LMB) for the next 3 years, according to a strategy document published last month,writes Janina Clark"The Lloyd's market must provide levels of security, service and
innovation that match or better our competitors," said the LMB.
A programme to reduce the market's central overheads to a sixth of their
1998 level by 2003 includes plans to turn the Lloyd's Policy Signing
Office and the Lloyd's Claims Office into commercial companies that will
supply services to the market under contract by next year.
Under the plans, by the end of next year, outsourcing and the creation of
commercial subsidiaries will reduce the staff of the central Corporation
to 500 from the current 1600.
Earlier in February, Lloyd's and the International Underwriting
Association (IUA), which represents the London company market, announced
that they were considering the merger of the two London market claims
processing bureaux. They had also set up a joint working group with
representatives of the Lloyd's Insurance Brokers' Committee (LIBC) to look
at ways to speed up business processes in the London market.
The two initiatives stem from the creation last July of a joint
IUA/Lloyd's forum to improve business standards in the London market, and
both groups are to report by the end of this month.
Lloyd's is also supporting the Wise 'trusted trading' system for
electronic trading (Re, November 1999, p41) and aims to have a connection
to the system available to all its businesses this month.
The LMB's efforts to attract customers will include revised regulations
for financial guarantee insurance by the middle of the year and a general
commitment to "a level playing field in ART (alternative risk transfer)
for Lloyd's underwriters vis-a-vis other FSA-authorised (Financial
Services Authority) insurers".
The LMB document stresses its vision of a market "containing strong,
well-managed, increasingly independent businesses operating to very high
standards, sharing in the collective assets (of) the Lloyd's franchise:
the trading licences, the brand name and reputation, the security ratings
and the unique system of collective security that supports them".
To that end, it has geographical expansion plans that include the creation
of Lloyd's Asia in Singapore (see p1) and says that "an evaluation of the
commercial case for seeking entrance to the admitted market in the USA
will be made during 2000". The LMB also plans to promote Lloyd's as a
captive location, after its slow start as a captive domicile.
Other plans include an increase in the rate payable by new corporate
entrants from 2001 and improvements to the treatment of reinsurance in the
risk-based capital system.
Happy Birthday to us! 🎂— Insurance Fraud Enforcement Department (@CityPoliceIFED) January 10, 2019
7 years ago, our unit was created to help in the fight against insurance fraud. Since then, we've worked with the insurance industry and other law enforcement to punish numerous insurance fraudsters 👊
Take a look at our results: https://t.co/6L5kJWmmCe pic.twitter.com/2WPcmlYWV7
- Insurers to implement no-deal plans following Brexit vote
- Axa-backed Setoo plots UK Q1 launch
- HDI Global appoints Claire McDonald as UK MD
- Biba unveils manifesto priorities for 2019
- Accident Exchange rebrand after return to profitability
- MIB places jobs under review amid wider restructure
- Child sexual abuse claims on the rise