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Lloyd’s of London made a heavy loss in 2017 after being hit hard by the US hurricane season. While this may have been expected due to the market’s gearing towards US natural catastrophes, Lloyd’s top executives are now urging the market to boost profits by curbing costs and being more cautious with its risk selection.
Management plans include a rebalancing of the market’s underwriting strategy, speeding up the adoption of the modernisation programme and reducing expense ratios further in order make the market more competitive and profitable.
The modernisation work under the banner of the London Market Target Operating Model (TOM) aims to create a market that is highly accessible, efficiently run and relevant to the needs of customers.
PPL, the electronic placement platform, was launched in 2017 providing a system transporting data through quoting to binding, and beyond. PPL provides benefits to both brokers and underwriters as it limits rekeying and therefore reducing costs. By the middle of 2018 all lines of business will be live, according to Lloyd’s.
Lloyd's of London, Technology, Insurance, Reinsurance, London Market, Inga Beale, John Parry