In his introduction to the latest progress report on Lloyd’s three-year plan, CEO Richard Ward noted that the current version “builds on the 2006-2008 plan issued in January. It includes our vision and priorities through to 2009, and an update on the progress made over the last year. It continues to focus on the five key benefits of operating at Lloyd’s, and outlines what we are doing to deliver these benefits.”
Ward indicated that the plan, which is aimed at keeping and improving Lloyd’s and the City of London’s primary position in the insurance industry, has been reviewed and updated. Those responsible for carrying out the initiative have taken into account industry trends and the views of market participants. “As a result of this, we are extending the fifth benefit to reflect the importance of processes and technology in improving Lloyd’s distribution channels and subscription market infrastructure,” Ward stated.
“This plan also covers a number of other issues such as how we can make Lloyd’s an easier place to do business for managing agents, brokers and capital providers, and a more attractive market for new entrants. Change and progress are ongoing and this plan is certainly not set in stone. We will continue to review it.”
Ward stressed the “fundamental” importance of achieving the goals set out in the plan. It must address the “increasingly demanding regulatory environment, increasing customer expectations, mobility of capital and a complex underwriting cycle.”
“My priority as CEO is to work with the market to deliver this plan and increase the pace of change,” he continued. “We have made significant progress over the last year and the market is in good shape, but we cannot afford to be complacent. To compete successfully in the global insurance industry we have to change the way we think and act. This plan sets out how we intend to do just that.
In an “Executive Summary” Lloyd’s explained that it “operates a rolling three-year plan, reviewed and tested on an annual basis, aimed at delivering the vision. This plan is a continuation of the direction laid out in last year’s plan where Lloyd’s vision to be the platform of choice was brought to life through the description of the five principal benefits of operating at Lloyd’s. The bulk of the plan is structured around these benefits,” which the publication set out as follows:
1) A performance management framework which supports the
achievement of superior operating returns.
2) Capital advantages in which the benefits of mutuality outweigh
3) Security and strong market ratings capable of attracting specialist
4) Access to major markets supported by a global brand and
5) Operations and processes supporting cost-effective, efficient
transaction of business.
The fifth element, business processes, has been “widened to reflect the importance of processes, information and technology in improving the operation of Lloyd’s distribution channels and the subscription market infrastructure,” Lloyd’s noted.
The full report is available on the Lloyd’s web site at: www.lloyds.com.
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