Today, Lloyd’s released its Blueprint 2, a 104-page opus outlining how the market will be modernised over the next few years. In September 2019, Blueprint 1 created a vision for the future at Lloyd’s and this follow-up document seeks to build bridges from today to the near-future.
To that end, the document is focused on plans for creating a market that uses data and technology to deliver better value and cost savings. Lloyd’s is anticipating that data and a digital ecosystem will be the core of these developments.
An ambitious target of £800m of savings across the market have been identified which equates to an approximate 3% reduction in operating costs. Addressing this well-known inefficiency in the market has been a long-term ambition for many and Argenta Private Capital is hopeful that under the leadership of John Neal and Bruce Carnegie-Brown, we may be on the brink of a positive transformation.
As yet, we have not read and digested the full report. We will update our clients when we have a more considered view of all the content. Nevertheless, the recognition that improvements can be made, the ambition to effect change and breadth of support Lloyd’s is garnering gives us confidence that the market will be better for all stakeholders, including private capital, over the next few years.