21 Jan 2021
By Greg Podleśny, Partner at Sollers Consulting
at InsuranceDay
Expanding the technological changes and new standards at Lloyd’s into the company market will spread the cost burden and increase the relevance of market modernisation
There are many good ideas in the refreshed Blueprint. At the core of the new solution, there will be standardised data and a strong emphasis on APIs to ensure data can be transferred to and used by systems. Firms have learned the power of digital ecosystems. They provide clients with a multitude of services and offer companies convenient access to a huge number of customers. Lloyd’s has been a strong ecosystem for more than 300 years. It attracts capital and insurance minds – now it will become a digital marketplace for risks. If Lloyd’s wants to be more than an insurance exchange with almost no visibility for the insured, it should integrate services by third-party providers.