Lloyd’s new chairman Bruce Carnegie-Brown has admitted it’s the market’s cost structure that is letting it down.
“Until we convert everything from analogue to digital, we’ve got unnecessary costs,” said Carnegie-Brown in an interview with the
Financial Times. “If it [documents] was in digital form right at the beginning we could reduce the costs for the brokers in bringing business to Lloyd’s, reduce the costs for the underwriters in capturing the data and improve the quality of analytics.”
Citing modernisation as a priority, Carnegie-Brown recognised the need for digital solutions and adapting insurers’ products to the times. For the industry in general, he thinks more should be done in terms of innovation.
The report also cited a system aimed at allowing brokers to place business online, which Carnegie-Brown said had taken longer to launch than planned. The reason being the system had to be adapted for volume.
What the Lloyd’s chairman hopes to see eventually is commercial insurance following consumer insurance’s lead when it comes to processing high-volume data.
Carnegie-Brown – who was confirmed as chairman by the Council of Lloyd’s in February 2017 and assumed the role last June – has more than 35 years of experience across the financial services.
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