Insurance leaders know the industry has to change. Large, long-established players are likely to get ubered unless they act to meet new and evolving customer needs in the digital economy.
With this in mind, Lloyd’s of London has published a prospectus outlining a future vision to become ‘nimbler and faster, offering customers outstanding products, services and insight, supported by technology, innovation and flexible, responsive capital’.
In this paper, our CEO James Smith draws out key points from the prospectus. And he considers what insurance leaders need to do to turn the vision into reality.
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.”
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