This week Lloyd’s of London published Blueprint One of their transformation program. The level of digital engagement from Lloyd’s and communication to the market participants is impressive and commensurate with the level of change that the market is bringing to the industry.
As noted in our research there are many marketplaces, platforms and eco-systems in the insurance industry, some old and some emerging. It can seem like everyone is building a digital platform and marketplace these days, from insurers, reinsurers, brokers and software vendors. However, Lloyd’s is perhaps the most famous analogue marketplace and what is proposed is a bold vision for the centuries old insurance marketplace move to digital.
The key ingredients are here in the blueprint, the ecosystem is aimed at the specialist and complex risks the market is aimed at. It’s great to see attention is paid to onboarding new participants in the shape of syndicates and service providers.
The other main ingredient to adoption and success for a program like this is to demonstrate delivery early, clearly a request from the stakeholders and a key component of the communication.
Personally, I’m excited to see where this investment goes and how Lloyd’s will evolve. There are a significant number of challenges in shifting the operating model of Lloyd’s in this way but great opportunities for both the market and the participants as well.
If you have a little time this weekend and haven’t looked already - take a look.
Related research on platforms and ecosystems:
