Lloyd’s at ‘pivotal moment’ as market evolves as CEO Neal builds consensus, says Aon
Lloyd’s is at a “pivotal moment” in its evolution, according to Aon’s 2019 Lloyd’s Update report, Redefining the Future.
The report points to the ‘Future at Lloyd’s’ initiative launched by Lloyd’s chief executive officer John Neal as a driver that “may result in the biggest changes in the market since the Reconstruction and Renewal process of the mid-1990s”.
With proposals described as “ambitious and designed to result in a much more efficient and responsive market”, Aon said that ultimately, the goal is to create better connectivity between capital and risk to deliver greater value to customers and support long-term growth.
It said the initiative could result in separate placement methods for complex and standardised risk, easier entry to the market for high-performing innovative businesses, more flexibility in the way that capital participates, a next-generation claims service and the creation of an “ecosystem” of data and services.
Mike Van Slooten, report author and head of business intelligence for Aon’s Reinsurance Solutions business, said: “Lloyd’s has had a challenging few years but John Neal is now building real consensus for change.
“Lloyd’s retains core strengths, but it is increasingly recognised that structural issues must now be addressed to allow them to come to the fore in today’s global marketplace.
“The key to success is bringing costs down. Technology can be an enabler in that area, but ultimately people and behaviours drive progress, and that is why the inclusive approach offers the best chance of success,” he added.
