Since Lloyd’s first announced the blueprint for its Future at Lloyd’s project on Sept. 30, it has been busy working to get the ideas off the page and convert them into a set of actions that can be implemented during 2020.
Lloyd’s today announced it is ready to deliver the first phase of its transformation project, starting with a 40% investment in PPL (the Lloyd’s and London market electronic trading platform), which will form part of its new complex risk platform. Lloyd’s also confirmed that the first Lloyd’s risk exchange pilot will be trialled in 2020, connecting broker and insurer e-trading portals.
“We’re coming out of that transition and planning phase,” so Lloyd’s can start executing on Phase 1 of the project, which begins in March, said Jennifer Rigby, Lloyd’s chief operations officer (COO), at a media briefing this week to describe the progress that’s been made and what’s ahead.
“We’ve got advisory boards and executive sponsors set up for all the programs we’ve got. There’s been an awful lot of market engagement in what we’re doing,” said John Neal, Lloyd’s chief executive officer, who also spoke at the briefing.