Technology is disrupting traditional business models

In the era of the Digital Economy, the needs and demands of insurance customers are rapidly evolving. Digital transformation has spread quickly, customer behaviours have changed radically, and the regulatory environment is getting more complex by the day.

It’s against this backdrop that Lloyds of London has set out its future transformational initiatives. Its chairman Bruce Carnegie-Brown neatly summarises this view in his Foreword in the recently published The Future At Lloyd’s Prospectus, “The world is changing. Technology and data analytics are disrupting traditional business models. Customers are facing new risks as their asset mix shifts from tangible to intangible and, consequently, are seeking new insurance products and services to protect their businesses.”