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From reform to managing change

From reform to managing change. Dr Richard Ward, Chief Executive, Lloyd’s. Lloyd’s today…. So we need to keep evolving…. Ruschlikon Initiative Group of large European reinsurers, (Swiss Re, Munich Re, Hannover Re et al)

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From reform to managing change

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  1. From reform to managing change Dr Richard Ward, Chief Executive, Lloyd’s

  2. Lloyd’s today… From reform to managing change September 2010

  3. So we need to keep evolving… • Ruschlikon Initiative • Group of large European reinsurers, (Swiss Re, Munich Re, Hannover Re et al) • live in the UK, Europe, US and Bermuda. Rule book and implementation standard • Netherlands electronic Insurance Exchange System (eABS) • Owned & governed by the Netherlands Insurance Exchange Association (VNBA) • Covers Placing, A&S and Claims - only Claims is currently live • Will be mandatory for all members of the VNAB • New York Insurance Exchange (NYIE) • Move to resurrect the 1980’s NYIE announced in January. Technology will play a key part. • Council of Insurance Agents & Brokers (CIAB) • Partnering with LexisNexis to create an insurance exchange to improve the efficiency and transparency of the independent agent-based distribution system in US. • Supported by a broker-controlled and operated entity called The Insurance Exchange Trust (IET). • Qatarlyst • Brings together international insurers/reinsurers and brokers to conduct insurance trading activities • An electronic trading service to facilitate workflow, deliver documentation and provide effective management information - ultimately enable straight though processing capabilities From reform to managing change September 2010

  4. Embracing technology… From reform to managing change September 2010

  5. We’ve already seen dramatic change at Lloyd’s… From reform to managing change September 2010

  6. Considerable progress so far • We are on a journey to greater efficiency • But there is still work to be done From reform to managing change September 2010

  7. The Exchange is the next step on our journey Working alongside Lloyd’s traditional face-to-face interaction between brokers and underwriters From reform to managing change September 2010

  8. One connection, multiple uses From reform to managing change September 2010

  9. But we need you to come along for the ride… From reform to managing change September 2010

  10. The benefits are many • Improve customer service • Retain and attract business • Lower operational costs • Reduce operational risk • Improve capital efficiency • Create greater transparency From reform to managing change September 2010

  11. Where we are at: connections Managing agent, Broker and Company connections Brokers connected as a % of total premium income Managing agents connected as a % of total capacity IUA companies connected as a % of IUA members From reform to managing change September 2010

  12. Where we are at: message volumes Total messages month by month and total cumulative messages From reform to managing change September 2010

  13. Where we’re going… From reform to managing change September 2010

  14. But most of all, we want to go from being known for this… From reform to managing change September 2010

  15. To being known for this… From reform to managing change September 2010

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