Blueprint One The Future AtLloyd’s
TheFutureatLloyd’sSharing risk to create a braver worldBlueprint One
Foreword from the ChairmanBruce Carnegie-Brown Overview ofBlueprint OneChapter 132Chapter 7Services hub91Chapter 8Feedback from the consultationDataChapter 2Chapter 9Complex risk platformTechnologyChapter 3Chapter 10Lloyd’s risk exchange Modernisingthe wayrisk is syndicatedChapter 4Chapter 11Claims solutionCulture and peopleChapter 5Chapter 12Capital solutionRole of the Corporation of Lloyd’sChapter 6Chapter 13Syndicate in a boxRoadmap for deliverySharing risk to create a braver worldContents
Blueprint OneForeword fromthe Chairman
Foreword04ForewordThis first Future at Lloyd’s blueprint marks an exciting new chapter for Lloyd’s. It sets out how we are goingto combine data, technology and new ways of working with our existing strengths to transform the culturewe work in and everything we do – from placing risks and paying claims to attracting capital and developingnew products.In the prospectus, published on 1 May 2019, we suggested ways we could: Offer better solutions to the risks faced by our customers Deliver better products and services to our customers and capital providers Simplify the way we work by being more efficient and reducing costs Build an inclusive culture where everyone feels valuedBlueprint One sets out how we are going to achieve these goals. This is illustrated in the infographic with thisblueprint and you can find further details in the full document at lloyds.com/thefutureatlloyds.Blueprint One is deliberately ambitious. When we asked you last year how we should change, you told us tobe bold. You said this is Lloyd’s best opportunity to build a relevant and successful market for the future –and that we must seize it.You also told us to maintain a high level of ambition while making sure the plan is achievable. We will do thisby delivering the Future at Lloyd’s in stages. A phased approach will allow thorough testing of eachcomponent and will accelerate our time to market. This means we will start delivering value to customersand the market quickly. We will regularly communicate our progress as we move through the phases.Getting to this stage has been a collaboration between the Corporation of Lloyd’s, the Lloyd’s market,market associations, customers and many others. Every detail you read in these pages is based onconsultation feedback, market input through the design labs and advisory council guidance. Thank you toeveryone who has helped so far. You have shown once again what the market can achieve when it unitesbehind a common purpose.Now, as we move from design to executing the plan, the hard work really begins. Please read the blueprint,support the solutions and commit to working with us to deliver the Future at Lloyd’s.This is a special time to be working at Lloyd’s. The changes we are making over the next few years will lastfor generations and will secure the future of this market we are all so passionate about.I have no doubt we have the ambition, the plan and the commitment to succeed.Bruce Carnegie-BrownChairman, Lloyd‘s
Blueprint OneOverview ofBlueprint One
Overview of Blueprint OneOur route to Blueprint OneOn 1 May this year, we published our Future atLloyd’s prospectus, setting out a vision fortransforming the Lloyd’s market. In it, wecommitted to producing a blueprint that showedhow we would achieve that vision.The prospectus was our response to the concernthat Lloyd’s (like the insurance sector in general) isin danger of becoming less relevant and helpful toour customers. This comes at a time whencustomer needs are rapidly changing – and whenwe need to improve the performance of the market.The Future at Lloyd’s work began back in October2018 when we asked Lloyd’s customers, as well asmanaging agents, other insurers, brokers,coverholders, capital providers, members,members’ agents, market associations andregulators, how we should build a successfulLloyd’s marketplace for the future.You told us we should build on the market’s manystrengths, while acknowledging that some of ourhistoric, unique selling points no longer differentiateus as they used to. You told us to be morecustomer-focused. You told us that while weshould be brave and bold in our ambition, we mustphase our plans thoughtfully if we are to deliverit successfully.So we used this feedback to redefine our valueproposition and bring Lloyd’s unique qualities tothe fore: Choice: the world’s largest insurancemarketplace and global distribution network,competing and collaborating to share risks. Confidence: paying all valid claims, protectingpeople, businesses and communities, and, mostimportantly, helping them recover in timesof need. Partnership: a market built on trustedrelationships and mutual respect in order tobest serve our customers. Expertise: bringing together leading talent andexpertise to create innovative risk solutionsfor customers.06 Insight: Lloyd’s insight, experience andjudgement informing decision-making, enablinginnovation and ensuring our customersstay protected. Ecosystem: as a marketplace, Lloyd’s providesconsistent standards and shared businessservices, improving performance and unlockingnew opportunities.You also told us to think about how we couldtransform the Lloyd’s marketplace to enhance ourvalue proposition for our customers. In theprospectus, we said we would do this by offeringeven better insurance solutions, simplifying accessto products and services, reducing the cost ofdoing business, and building an inclusive andinnovative culture (see The vision on page 8 forfull details).We suggested six potential, transformative wayswe could achieve this (see chapters 2-7) andbetween May and July this year we consultedacross the insurance industry to test, challengeand refine these ideas.Your responses have been overwhelminglypositive (see chapter 1), accompanied byconstructive suggestions which we have beenusing over the past few months to develop thesolutions for the Future at Lloyd’s.Blueprint One presents the results of this work andour action plan going forward.
Overview of Blueprint One07At a glance: The Future at Lloyd’s will build the most advancedinsurance marketplace in the world, where: Everyone wants to work because we have the most inclusive culture, the most talented peopleand the best working environment Customers and distribution partners find solutions specifically designed for them Business will be underpinned by a data-first approach, evolving over time from a document worldto a document-plus-data world to a data-first world The greatest value for customers is assured by better access, relevant products and lower costsof doing business Everyone operates and behaves to the very highest standards World-class underwriting results are delivered Accreditation is recognised and sought the world over Technology and simpler rules draw investors to match capital to risk Solutions are developed, tested and released in phases, using agile ways of workingWhat this will need from the market Assistance and partnership at each stage to ensure every solution is designed in close andcontinuous collaboration with the market Passion for the vision, and rapid support and adoption of the solutions New, agile ways of working; fewer documents, more data Complementing Lloyd’s traditional skills with the new skills required to operate the bestmarketplace in the world – and ensuring we attract and retain the best talentWhat this blueprint is – and what itis not Detail of Phase I plans for each solution,describing what will happen next and what willhave been achieved by the end of 2020.Blueprint One marks the start of a transformationalnext stage of the Future at Lloyd’s. It is thebeginning of our plan to create a modern, morerelevant Lloyd’s market and, in doing so, lead theinsurance industry for the next generation. Our requests of all Lloyd’s market participantsto help build the Future at Lloyd’s.This blueprint is: Our strategic intent, describing our vision forhow the Lloyd’s market of the future will look. Our current thinking on each of the sixsolutions, informed by our consultation. How and why we will succeed.This blueprint is not the definitive answer – there isno such thing in our continually changing world. Wewill be working in a fast, agile way to ensure our planevolves in step with our customers’ changingneeds. And so we will use the transition andplanning phase, from 1 October 2019 for sixmonths, to develop our thinking in several areas, toensure we are ready to execute the plan.
Overview of Blueprint OneThis is the first in a series of blueprints which we willpublish periodically, at least annually, in the middleof the year to inform market participants’ ownstrategy and business planning.The visionThe Lloyd’s we create will be the world’s mostcustomer-obsessed and advanced insurancemarketplace, with the widest range of productsand services.Everyone working with the market will be able toplug into its platforms to trade simply andefficiently. Capital providers will have access to arange of flexible opportunities to improve theircurrent investment as well as to support newproducts as they come to market. The market willbe underpinned by a diverse and inclusive culturethat champions innovation and will attract thebrightest people.We will create a market which attracts new risks,new customers, new forms of capital and operateswith materially lower costs. When we achieve this,the market will be bigger and more relevant.A refocused Corporation of Lloyd’s will uphold thehighest service and performance standards,maintain the Lloyd’s ecosystem, as well as carryout licensing, regulatory and rating functions onbehalf of the market. Together, we will outperformour competitors.The prospectus set out the four ways thisecosystem will enhance the current Lloyd’s marketvalue proposition. This is through:Offering even better solutions for ourcustomers’ risksCustomers will be able to choose from a wider andmore innovative range of insurance productsbecause Lloyd’s will promote and facilitateinnovation, and will make it even more attractive forinnovative underwriters to join the market.Businesses, supported by technology and capital,will be able to bring new products to market quickly,increasing the choice on offer. Customers willcontinue to benefit from the market’s unrivalledunderwriting and broker expertise, and itsextensive global licence network.08Simplifying the process of accessingproducts and services at Lloyd’sLloyd’s will build on the London Market TargetOperating Model (LM TOM) work to redesign coreactivities, making it simpler and more efficient forcustomers and market participants to trade. Theentire insurance lifecycle, from buying a policy topaying a claim, will be transparent and accessible.Customer service excellence will be guaranteed byperformance standards and underpinned byLloyd’s trusted global brand.Reducing the cost of doing businessat Lloyd’sWe will reduce significantly the cost of doingbusiness. For the simpler risks, we will make themarket more efficient by using standardised data,automated processes and administration, and ITsolutions that allow market participants to plugdirectly into Lloyd’s ecosystem to trade. The costsof processing and settling claims will be reduced byusing technology to assess losses and automatepayments. A services hub will give access to highquality shared and bespoke services, provided atcompetitive cost that reflects the brand and size ofthe market.Building an inclusive and innovativeculture that attracts talented peopleto Lloyd’sThe Lloyd’s market will be built on an inclusiveculture, and we must all play a part in promoting theimportance of diversity within our ownorganisations and across our market as a whole.A highly skilled workforce will comprise acombination of traditional skills (such asunderwriting and claims) with newer skills (such asdata science and technology engineering). We willrole model these changes within the Corporation,and support the London Market Group’s talentinitiatives to help the market make this transition.The Corporation will combine the technical skillsneeded to maintain and develop the ecosystemwith its traditional regulatory, performance andlicensing capabilities, attracting a wider pool ofpotential employees. Different routes into Lloyd’s
Overview of Blueprint One(such as the capital solution and syndicate in a box)will attract new talent from around the world.The Lloyd’s ecosystemThe Lloyd’s ecosystem will be the globalmarketplace to buy and sell insurance, offering aone-stop shop of high-quality, cost-efficientproducts and services to cover even the mostcomplex risk needs. It will comprise six integratedsolutions (see chapters 2-7) that together provideexceptional value for customers andmarket participants:1. Complex risk platformA platform that enables risks to be bought andplaced using standardised data. Initially, we willinvest in a next generation of PPL to deliver a‘document-plus-data’ platform with an improvedExhibit 1: The future Lloyd’s ecosystem09user experience and a core data record. We willsimultaneously prototype and develop a ‘data-first’capability that will deliver a significantly improvedbroker, customer and underwriter experience, amore efficient and transparent claims service, andoptimised support processes and insights. Overtime, we will switch over to a data-first platform,securing Lloyd’s reputation as the go-to globalmarketplace for complex risks (see chapter 2).2. Lloyd’s risk exchangeAn exchange for underwriting relatively noncomplex, high volume, low-value risks that enablespolicies to be created and bought digitally, whilstproviding brokers and coverholders with an easyto-use, end-to-end way of accessing Lloyd’sproducts and services. Risks will be automaticallyrated by algorithms to speed up placement andreduce costs (see chapter 3).
Overview of Blueprint One3. Claims solutionA solution that transforms the claims process byautomating simple claims, using straight-throughprocessing, resolving standard claims handling onbehalf of the market and empowering leadunderwriters to handle the most complex claims.This will deliver a better experience, make it easierfor customers to track their claims and speed uppayments (see chapter 4).4. Capital solutionA solution that offers capital providers moreoptions to attach to risk more flexibly, for thebenefit of all participants. It will make the marketmore attractive and accessible to all traditional andnew forms of capital (including financial investors),while maintaining strong underwriting discipline.Managing agents will be able to offer new capitalproducts as well as optimise their capital (seechapter 5).5. Syndicate in a boxA new way to bring innovative, accretive, andprofitable business into the market for a set period,without the need for a physical presence in Lloyd’s,but subject to the same performance andregulatory controls as all new market entrants.Syndicate in a box will provide a testing ground forimprovements, including the way we attract andonboard. We will extend relevant improvements toall new entrants in due course (see chapter 6).6. Services hubA set of high-quality value-add services to supportthe market’s business, including access to Lloyd’sdata, insights and analytics, business supportfunctions and product innovation accelerators,accessed via an online portal. The Corporation willensure quality by defining a set of commonstandards which all participants will have to meet(see chapter 7).FoundationsThe solutions are built on six foundations in order tocreate their full potential value:10 Underwriting performanceWorld-class underwriting performance andstrong performance management will alwaysbe a priority for Lloyd’s. We will maintain thehighest standards to protect customers, themarket’s reputation, the Central Fund and ourcredit rating. It means our market will be hereto meet our customers’ needs for generationsto come. DataThe Future at Lloyd’s will be a data-firstmarketplace, capturing high-quality data asearly as possible in the risk lifecycle. This willenable benefits including efficient automatedprocesses, better decision-making and asingle source of information that is accessedthroughout the risk lifecycle (see chapter 8). TechnologySolutions will include applicationprogramming interfaces (APIs) and openarchitecture, and will build on existingtechnology within the London market andother proprietary systems. This will ensurecustomers’ and market participants’ systemsare compatible with the Lloyd’s ecosystem(see chapter 9). Modern syndication of riskThe ability to syndicate specialty risk is thecornerstone of the security that Lloyd’s offersits customers. The way this is done today hasbeen the product of natural evolution overtime but it is not universally reflective ofefficient business practice. So, Lloyd’s willmodernise the way that business issyndicated, including the practice of leadfollow, to give a much better experience forcustomers, brokers and syndicates (seechapter 10). Culture and peopleThe market needs to attract, retain anddevelop the most talented people globally.This will include a more diverse and inclusiveculture, a different mix of talent (with greateremphasis on data and analytics), and a greaterfocus on customer service, innovation,collaboration and new ways of working (seechapter 11).
Overview of Blueprint One A refocused Corporation of Lloyd’sThe Corporation will continue to deliver itsexisting remit of performance management,oversight and regulation, maintaining thelicence network and promoting the brandglobally. The shared services provided willadapt to the requirements of operating adigital ecosystem, including: ensuring dataand technology standards are consistent;controlling technology solutions; modernisingthe physical working environment; andcreating an agile operating model (seechapter 12).How developed is our thinking?Building the Future at Lloyd’s is both complex andexciting, and we are determined not to do thingstoo quickly at the expense of doing it right. Whilstwe are clear on our thinking about what the endstate for each solution will look like, we are atdifferent stages of thinking about how we will goabout delivering the activities for each.This is where we should be at this stage, and is whywe are adopting a test-and-learn, phasedapproach to development and delivery (seeRoadmap for delivery chapter 13). This will enableimpactful, early wins whilst we continue to developthe full execution plan.Blueprint One articulates where we have got to inour thinking for each area and the phaseddeliveries we are planning for each.Why we will succeedOne of the common themes expressed in theconsultation feedback was our collective ability todeliver the Future at Lloyd’s. This is understandablegiven the complexity of the market, the scale of ourambition and our inconsistent track recordof delivery.To minimise execution risk, the Future at Lloyd’swill be delivered using a modular, phased approach.There are eight principles we are applying. We will: Capitalise on prior market investmentsincluding elements of recent marketmodernisation initiatives. Market assets will be11built upon where possible including PPL,Workbench and DA SATS (DelegatedAuthority Submission, Access andTransformation Service). Learn from the past. The Lloyd’s and Londonmarkets have a long history of driving changeand innovation, but the execution of plans hasnot always been good. Our collaborativeapproach to building the Future at Lloyd’s willensure the solutions are designed for thebenefit of Lloyd’s and the wider London market. Communicate regularly, consulting with themarket and regularly sharing ambitious butrealistic plans. Ensure the Corporation and the market hasthe right skills to deliver the plan. Capabilitieswill need to be expanded in several areas, suchas digital, service design, dat
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