By: Oliver Ralph
November 4, 2019
Some of the biggest names in technology are pitching for a role in the transformation of one of the world’s most traditional insurance markets.
John Neal, chief executive of Lloyd’s of London, told #fintechFT that Apple, Google and Amazon are among over 100 companies interested in working on an ambitious transformation plan that he laid out in September.
Lloyd’s is a market where insurance underwriters and brokers meet face to face to iron out the finer details of policies covering everything from spacecraft to cyber attacks. But it has been under pressure to improve its performance, cut costs and attract more business.
In September, Mr Neal published what he calls a “Blueprint” detailing six ways he plans to turn Lloyd’s around. They include new platforms to arrange insurance for both complex and commoditised risks, and a more automated claims process. He hopes that, over time, these changes will help double the amount of business done in the market from last year’s £36bn.