Lloyd’s publishes updated strategy as part of 2025 vision

Lloyd’s of London has published a new strategy outlining its plans for 2014 to 2016 as part of its overall vision for 2025, which was originally set out two years ago.

“We all know that Lloyd’s has an extraordinary opportunity to grow in developing economies around the world: we developed Lloyd’s Vision 2025 in part to address this opportunity,” Lloyd’s chairman John Nelson said in a statement,

“This plan, which will require active participation from all parts of the Lloyd’s market, sets out how we will work towards achieving our 2025 goals over the next three years.”

The new 2014-2016 strategy updates some of what was included in Lloyd’s original plan for 2025.

It includes a focus on market modernization, including technology and processes, and also addresses the way the market does business. The plan also includes a strategy for attracting and retaining talent, behaviour and distribution relationships.

“Building Lloyd’s share of insurance as well as reinsurance business in growth economies is important, for example,” its statement noted.

“So Lloyd’s will increase its local presence, and in some cases local establishment, across international markets. The aim is to make it as easy for brokers and coverholders to access Lloyd’s as they would local market carriers.”

The plan also emphasizes that Lloyd’s is and will continue as a broker market. “Lloyd’s will be a broker market and will build on its relationships with the larger brokers, as well as encouraging other specialist brokers. Coverholders and service companies will provide efficient access to local markets and brokers will find it as easy to access Lloyd’s as they would local carriers,” the documetn says.

The full strategy for 2014-2016, as well as Lloyd’s Vision 2025 document, are available on its website.