It may be the world’s oldest insurance market, but how well equipped is Lloyd’s to deal with the challenges posed by a changing insurance environment? One thing is for sure, the market is not resting on its laurels.
Speaking to Insurance Business, Chris Mackinnon, Lloyd’s representative for Australia, said that the importance of modernisation is not lost on the organisation.
“I think it would be somewhat arrogant of us to assume that Lloyd’s will always be there,” Mackinnon said. “I think that we, as a market, and any business or organisation, has to remain relevant and current to its customer base and the changes in the world.”
So far this year, the market has already undergone some changes designed to boost efficiency and access. The London market has moved further down a path towards electronic placement, and a worldwide agreement has been signed with ACORD as part of the London Market Target Operating Model (LMTOM) to roll out greater access to education and data standards.
While the modernisation work focuses on the London market for the moment, Mackinnon said that the Australian branch is looking at ways to integrate technology to benefit local coverholders and brokers.
“As part of the overall [strategy], we are looking at a number of different initiatives that will interface with PPL from here and from other territories around the world,” Mackinnon continued. “We are looking at what solutions we can deliver to the coverholders that can then interface with PPL and with the other initiatives in London.”
This is not the first time Lloyd’s has tried to modernise and innovate, but Mackinnon said that the latest batch of changes will stick as the market takes a more concerted approach.
“We moved away from the quill and inkpot and modernised by giving people big biros - so we need to move much quicker than that to maintain our relevance,” he said.
