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09.30 Welcome - Keith Stern, Regional Manager, UK & Ireland

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1 09.30 Welcome - Keith Stern, Regional Manager, UK & Ireland
09.15 Registration & coffee 09.30 Welcome - Keith Stern, Regional Manager, UK & Ireland 09.45 Lloyd’s overview - Ed Pennock, Manager, Market Development, International Markets 10.45 Coffee Break 11.00 Tour of Lloyd’s and surveys 12.00 Accessing the Lloyd’s market – Broker Registration - Alan Taylor, Relationship Manager, Brokers, Relationship Management 12.45 Meet the CEO of Lloyd’s - Richard Ward 13.00 Networking lunch with the Lloyd’s Market 14.30 Accessing the Lloyd’s Market – Coverholder Registration - Peter Montanaro, Head, Delegated Authorities 15.15 Claims handling at Lloyd’s - Philip Godwin, Senior Claims Manager, Claims 15.45 Wrap-up and next steps - Keith Stern, Regional Manager, UK & Ireland 1 1

2 Welcome & Introduction keith stern, regional manager, UK & Ireland

3 2008 – 2010 Lloyd’s Total GSP vs Lloyd’s UK GSP (in £ m) (Gross Signed Premiums on a Calendar year basis excluding reinsurance and brokerage commissions) £ 16,693m £ 20,347m £ 20,701m Lloyd’s (excl. UK) Growth 08/09 24.1% Lloyd’s (excl. UK) Growth 09/10 0.8% 13,736 17,053 17,198 2008 Lloyd’s UK share 18% 2009 Lloyd’s UK share 16% 2010 Lloyd’s UK share 17% Lloyd’s UK Growth 08/09 11.4% Lloyd’s UK Growth 09/10 6.4% For many years now UK has been Lloyd’s second largest market as an individual territory market penetration is poor, 2/3% for personal lines and 6/7% for commercial lines. 2,957 3,294 3,504 2008 2009 2010 Total (excl. UK) UK Source: Market Intelligence calculations based on Xchanging REG 258 as of 31/12/09. Health Warning: These figures differ from Annual Report due to: (1) the timing differences between written and signed gross premiums, (2) inconsistent use of rates of exchange between Syndicates and Xchanging, (3) Syndicates allocating Facultative business as Direct and (4) some premiums from coverholders and service companies premiums not being processed via Xchanging. 3

4 Direct £ 1.94bn Reinsurance £ 1.56bn
2010 Lloyd’s UK Business Profile (Gross Signed Premiums on a Calendar year basis excluding reinsurance and brokerage commissions) Type of business Method of Placement 5% Direct £ 1.94bn 26% Reinsurance £ 1.56bn 55% 14% Lloyd’s Classes of Business Direct Facultative Non-prop Treaty Treaty Distribution Channel 32% (58%, direct) 68% Coverholders Brokers Source: Market Intelligence calculations based on Xchanging REG 258 as of 31/12/09. Health Warning: These figures differ from Annual Report due to: (1) the timing differences between written and signed gross premiums, (2) inconsistent use of rates of exchange between Syndicates and Xchanging, (3) Syndicates allocating Facultative business as Direct and (4) some premiums from coverholders and service companies premiums not being processed via Xchanging. 4

5 2010 Survey: Broker top ten countries to develop business UK, Brazil and France are the territories that brokers would most like to develop business with Lloyd’s next year. Country Score UK Brazil France South Africa China Spain Australia Singapore Italy Remaining Countries *Brokers could rank up to 5 territories, scored as below for comparison. N.B. Not all of the Brokers responded. Scoring mechanism 1st choices given 5 points 2nd choices – 4 points 3rd choices – 3 points 4th choices – 2 points 5th choices – 1 point Top territory where brokers want to develop business: UK 5

6 2010 Survey: Managing Agent top ten countries to develop business Singapore, Australia and the UK are the territories that managing agents would most like to develop business with Lloyd’s next year. Top ten countries* Singapore Australia UK Brazil France China Japan South Africa Germany Italy Remaining Countries *Agents could rank up to 5 territories, scored as below for comparison Scoring mechanism 1st choices given 5 points 2nd choices – 4 points 3rd choices – 3 points 4th choices – 2 points 5th choices – 1 point Top European country where managing agents want to develop business overall: UK The UK Market is the largest source of revenue for Lloyd's in Europe and, after the US, the second largest for Lloyd's globally. In 2009 the turnover generated by UK amounted to approximately £3.3bn premium income. Lloyd’s has an established and organically grown network with a strong brand in the UK. However, the Corporation of Lloyd’s has yet to develop an in depth UK Market Segmentation Strategy based on hard data and soft factors to enable an effective prioritisation of Market Development activities. Such activities can include supporting the market to develop new access routes to profitable business, growing brand awareness among existing and potential clients, and helping lowering perceived and real barriers to entry to do business with Lloyd’s. The Market Intelligence team, will seek to build upon existing analysis and will be instrumental in devising and implementing a sound methodology for segmenting the UK insurance market with the aim to inform and influence the UK Market Development Strategy for Lloyd’s. 6

7 2010 Survey: Broker distribution interests – Northern Europe Highest interest for coverholder development in the UK and Sweden. Northern Europe Top European country where brokers want to develop coverholder relationships: UK Important to match to underwriters as most binders are still broked into the market. 7

8 2010 Survey: Managing Agent distribution interests – Northern Europe Highest interest for coverholder development in the UK and Norway and for service company development in the UK and Switzerland. Northern Europe Highest interest in managing agents developing coverholder relationships: UK 8

9 How to access this channel
Access to Lloyd’s for UK/EU Brokers This roadmap is for local Brokers who are seeking access to the Lloyd’s Market for a local client How to access this channel Placement Risk Carrier Via Local Service Company Lloyd’s Managing Agent Syndicate(s) Contact local Country Manager >www.lloyds.com/offices Access Service Company details in the Coverholder Directory > Via Local Coverholder local Broker / Agent with binding authority, Underwriting Agency Lloyd’s Managing Agent – usually via a Lloyd’s Broker Syndicate(s) Contact local Country Manager > Access the Coverholder Directory > Via Eu Service Company (crossborder) Lloyd’s Managing Agent Syndicate(s) Contact local Country Manager > Access Service Company details in the Coverholder Directory > Via Eu Coverholder (crossborder) local Broker / Agent with binding authority, Underwriting Agency Lloyd’s Managing Agent – usually via a Lloyd’s Broker Syndicate(s) Contact local Country Manager > Access the Coverholder Directory > Via Lloyd’s Broker Lloyd’s Managing Agent Syndicate(s) Contact local Country Manager > Access Directory of Lloyd’s Registered Brokers Become a coverholder In countries with established licence – approval via Delegated Authority Approval Process (contact Managing Agent and Lloyd’s Broker) Lloyd’s Managing Agent – usually via a Lloyd’s Broker Syndicate(s) Contact local Country Manager > Access information for prospective Coverholders > Become a managing agent approved broker Become a non Lloyd’s Registered Broker - approval via individual Managing Agent registration process (direct contact) Lloyd’s Managing Agent Syndicate(s) Contact local Country Manager > Access information on Managing Agents – non Lloyd’s Brokers > Become a Lloyd’s registered broker - approval via Lloyd’s Broker Approval Process Lloyd’s Managing Agent Syndicate(s) Contact local Country Manager > Access information on becoming a Lloyd’s Registered Broker > 9 9

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11 Lloyd’s overview ed pennock, international markets

12 Lloyd’s - key characteristics
Unlike most other insurance brands, Lloyd’s is not a company, it’s a market where our members join together as syndicates to insure and reinsure risk We have a long history of risk taking, responding to change and customer demands The Lloyd’s market insures complex and specialist risks – from oil rigs to celebrity body parts to major airlines Lloyd’s underwriters devise tailored innovative solutions for complex problems Lloyd’s appetite for risk is guided by long experience and encouraging responsible risk taking Lloyd's is the world's best known - but probably least understood - insurance brand This is because Lloyd's is not an insurance company but a market place, where its members (syndicates) come together to write insurance and reinsurance Supporting capital is provided by investment institutions, specialist investors, international insurance companies and individuals Over 300 Years of doing business – established when a number of shipping merchants came together to insure their cargo’s and has developed into the global market place it is today

13 … to every type of insurance and challenges…
1887 1906 1911 1969 Lloyd’s first non-marine policy was written at Lloyd’s by Cuthbert Heath. The San Francisco earthquake claims met by Lloyd’s underwriters established Lloyd’s reputation in the US. He famously cemented Lloyd’s reputation in the US by paying all claims in relation to the 1906 San Francisco earthquake and fire irrespective of policy wordings. Out of catastrophe came innovation, such as excess of loss reinsurance The first tentative forays into flight by the Wright brothers are much documented. In 1911, Lloyd’s issued its very first aviation policy – in time for the famed London to Manchester prize flight that year. When Edwin “Buzz” Aldrin and Neil Armstrong set foot on the surface of the moon, it marked the beginning of a new era for insurance. Today, space and satellite insurance is an area in which Lloyd’s continues to pioneer.

14 PIPER ALPHA 1988 EXXON VALDEZ 1989 HURRICANES 1989 ASBESTOS 1980s- 1990s

15 From Reconstruction… to renewal
A plan was devised with the Government to ring fence pre-1992 liabilities and assets and put them into Equitas Lloyd’s managed to survive but it still didn’t understand the risks the market was involved in taking on. There was a lack of standards and poor management. Corporate members were introduced

16 Some Specialist insurance coverage provided at Lloyd’s

17 The leading specialist insurance market
Lloyd’s provides insurance for the majority of the world’s largest companies. 93% of Dow Jones Industrial Average companies 92% of FTSE 100 companies 86% of Fortune Top 50 European companies 81% of Fortune 500 US companies Top 7 pharmaceutical companies Top 20 banks Lloyd’s has global reach and local depth providing business with insurance and reinsurance solutions in over 200 territories.

18 Lloyd’s Market Structure

19 Lloyd’s market structure
Corporation of Lloyd’s Management Coverholders 54 Managing Agents 178 Lloyd’s Brokers Service Companies* Policyholders Members 82 Syndicates Direct Corporate Members Agents Reinsurance Individual Underwriting Policyholders Businesses, organisations, other insurers and individuals from around the world who want to protect themselves against risks that could affect them. They approach a broker and explain their individual needs. Members Members of Lloyd’s provide the capital to support syndicates’ underwriting. Members include some of the world’s major insurance groups and companies listed on the London Stock Exchange, as well as individuals and limited partnerships. Syndicates Underwriters decide which risks a syndicate will underwrite and on what terms. Much of Lloyd’s business is conducted in the Underwriting Room where face-to-face negotiations take place with Lloyd’s brokers regarding the risks they want to place at Lloyd’s. Managing agents These are companies set up to manage one or more syndicates. The managing agent employs the underwriting staff and handles the day-to-day running of a syndicate’s infrastructure and operations. Brokers Brokers provide advice to clients, negotiate terms with underwriters and service the business during the life of a policy. Depending on the complexity or size of the risk there may be more than one broker in the distribution chain. Corporation of Lloyd’s The Corporation oversees and supports the market and promotes Lloyd’s around the world. This includes determining the capital that members must provide to support their proposed underwriting, working with management of underperforming syndicates to improve performance, undertaking financial and regulatory reporting for the Lloyd’s market, managing and developing Lloyd’s global network of licences and the Lloyd’s brand. BUSINESS FLOW CAPITAL PROVISION SEE: Source: Lloyd’s as at 31/12/10 * some risks are placed directly with managing agent-owned service companies

20 A dynamic and diverse market
As at 1 January 2011, the Lloyd’s market was home to 54 managing agents that manage 82 live syndicates. Source: Lloyd’s Annual Report 2010

21 Lloyd’s 2010 financial results

22 Solid result in challenging circumstances…
2009 2010 Gross written premiums 21,973 22,592 Combined ratio 86.1% 93.3% Investment return 1,769 1,258 Profit before tax 3,868 2,195 Return on capital (pre-tax) 23.9% 12.1% Source: Lloyd’s pro forma financial statements, 31 Dec 2010

23 …and our performance compares well against our peers
COMBINED RATIO % Sources i) Insurance Information Institute (estimate-2010), ii) Reinsurance Association of America, iii) Company data (8 European companies: 17 Bermudian companies)

24 Lloyd’s Chain of security
Lloyd’s unique capital structure, often referred to as the ‘Chain of Security’, provides excellent financial security to policyholders and capital efficiency to members. The Corporation is responsible for setting both member and central capital to achieve a level of capitalisation that is robust and allows members the potential to earn superior returns. Source: Lloyd’s Annual Report 2010

25 Ratings Three of the world’s leading insurance rating agencies recognise Lloyd’s strengths and robust capitalisation and the financial strength of the market. In 2010, all three rating agencies reaffirmed our ratings. The Lloyd’s financial strength ratings apply to every policy issued by every syndicate at Lloyd’s since 1993. A+ Fitch Ratings A+ (strong) Standard & Poor’s A A.M. Best A (excellent)

26 Lloyd’s International network

27 Business Profile Class of business split Geographical split
ROW Central Asia & Asia 4% Pacific 10% US & Canada 43% Europe 16% UK 20% Other Americas 7% Source: Lloyd’s Annual Report 2010

28 Market Development Scope
Office Network Europe North America Europe 4 1 3 3 1 3 2 2 Type Market Development Scope Territories 4 Local underwriting with co-located Syndicates (or via a Lloyd’s regulated entity); Country Manager with Market Development Role China Japan Singapore South Africa Australia, Hong Kong (SAR) Benelux, France, Germany, Ireland, Italy, Poland, Spain, Sweden, Switzerland, UK Brazil 3 Country Manager with Market Development Role 2 Country Representative for regulatory requirements Cyprus, Greece, Israel, Malta New Zealand Austria, Denmark, Norway, Portugal Argentina, Belize, Chile Namibia, Zimbabwe 1 Country Representative for minimum regulatory requirements

29 Lloyd’s why lloyd’s

30 Why Lloyd’s 320+ year history of paying valid claims
Lloyd’s remains in a strong position…. 320+ year history of paying valid claims Innovation and underwriting expertise remains a priority Financial strength Strong Financial Results ( £1,899m £3,868m £2,195m) Lloyd’s Central Fund (Central Assets - £2,377m) Ratings reaffirmed in 2010 (A+ Standard and Poor’s & Fitch and A with A M Best) Robust performance management framework minimizes risk to the Central Fund. Global network of licenses Ongoing effort to improve access via approved intermediaries

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32 Accessing the market – Broker registration alan taylor manager, broker relationship management

33 Agenda Direct access for brokers Registered Brokers
The current registration regime The minimum standards The registration process

34 Direct access for brokers
Variety of access routes to Lloyd’s for brokers Coverholder, service company, wholesale broker and direct For direct access to managing agents brokers have two routes, become either; Lloyd’s Registered Broker Central registration process, providing access to all managing agents subject to Terms of Business Agreements (ToBAs) Managing Agent Approved Broker (Non-Lloyd’s Registered Broker) Individual managing agent registration process, providing access only to this managing agent To do business with another managing agent broker must register again with the second managing agent For both routes the minimum standards are the same

35 Registered Broker The current registration regime
FSA assumed regulatory responsibility for brokers January 2005 Lloyd’s role in respect of brokers needed to be redefined Lloyd’s key responsibilities Prudential Protecting the brand and reputation of the market Commercial Increase the flow of business into the market Ensure broker can process business at Lloyd’s

36 Registered Broker The minimum standards - 1
Appropriate regulatory approval FSA, or relevant authority in EU member state, or outside EU equivalent overseas regulatory authority Evidential – FSA approval letter Segregated client money accounts Evidential – letter of confirmation from bank Enhanced PI coverage FSA requires €1m per single claim and in the aggregate the higher of €1.5m or 10% of annual income up to £30m Lloyd’s requires a minimum limit of £3m or 4 times the annual net retained brokerage

37 Registered Broker The minimum standards - 2
Terms of Business Agreement (ToBA) What is the appetite of the market? Minimum of one ToBA, preferably several Adequate systems / procedures for processing business at Lloyd’s Business is processed centrally on behalf of all Lloyd’s syndicates by Xchanging Xchanging assess broker capability Technical manual is produced by broker Proving knowledge & understanding Testing and training Appropriate and functioning software & competent people

38 The registration process
Pre-application meeting Crucial part of the process is becoming a Lloyd’s Broker right for your business? Provides you with the chance to find out more about what you need to do Formal application Xchanging and managing agent confirmations Average application time is 4 months Much depends on the appetite of the applicant to get through the process

39 The registration process
22 new Lloyd’s Registered Brokers in 2009/10 – 32 applications successful applications, 5 applications in process UK regional applicants 2009/11 – 9 A good application? Good business plan Already initiated relationship(s) with managing agent(s) Clear understanding of how the firm will handle central processing Appetite to get through the process in good time

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42 Lloyd’s uk broker programme Richard Ward, CEO

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44 lloyd’s delegated authority business peter montanaro, head of delegated authorities

45 Agenda Types of coverholder Numbers Oversight Strategy
Application Process

46 Types of coverholder Approved Lloyd’s coverholder Full authority
Pre-determined rates Prior submit Restricted coverholder Service company

47 Delegated Authority - dimensions
Premium to Lloyd’s approx £5.5bn in 2010. Approved coverholders 2,223 Registered binding authorities 6,457 Restricted coverholders approx 2,500 Service companies 272

48 Delegated Authority Standards
The Managing Agent has a clear strategy for writing and managing delegated underwriting as part of its overall business plan The Managing Agent carries out thorough due diligence of coverholders to which it proposes to delegate authority The Managing Agent ensures that it has binding authorities in place with each coverholder to which it delegates authority clearly defining the conditions, scope and limits of that authority and which comply with Contract Certainty requirements, including the requirement to demonstrate regularly that insurance documents have been issued within required timescales The Managing Agent proactively manages delegated underwriting contracts once incepted to ensure compliance with contract conditions

49 Oversight of Lloyd’s DA Business
Code of Practice Service Company Code of Practice Coverholder handbook Lloyds.com Crystal Lloyd’s service standards Lloyd’s code of conduct Committees (DUC, BOLT, BACG, LMA-Compliance)

50 Key Issues Delegation/Sub-delegation Trust Accounts Financial Crime
AML Sanctions Bribery Solvency 2

51 STRATEGY AS

52 Context: - strategic importance
A reminder of Lloyd’s strategic plan … Make placing business into the Lloyd’s market more efficient Undertake promotional and educational activities aimed at existing and potential coverholders Provide robust oversight of business written by coverholders To inform our work: - 2010 survey of 1100 coverholders Structured interviews with key stakeholders (brokers, MAs and key country managers) Structured interviews with MGA ‘advisory panel’

53 Premium & claims standards: - agreed & issued
WHAT HAVE we Done: TECHNOLOGY & STANDARDS Premium & claims standards: - agreed & issued Premium & claims standards issued Mandated for new coverholders Existing coverholders encouraged to adopt

54 What have we done: coverholder experience New marketing & educational material for coverholders
Information pages fall underneath the section heading pages. The information page is highlighted in the left hand column. Any links in the body of the page are shown again in the right hand column. Users can expand headings to show the information they need. Including: - - New case studies - New coverholder directory

55 New coverholder e-bulletin: - Coverholder News
WHAT WE HAVE done : COVERHOLDER EXPERIENCE New coverholder e-bulletin: - Coverholder News An update on: - Lloyd’s annual results New Reporting Standards Lloyds.com coverholder site New LLMIT test To 2097 coverholders: - Open & click rates of 40%

56 Hosted coverholder inwards visits
WHAT WE HAVE Done: COVERHOLDER EXPERIENCE Hosted coverholder inwards visits ‘Lloyd’s hosted events, to provide networking, discuss interests and share experience’ 28-30 March AAMGA Programme - Introduction & tour - Update presentations - Broker & Agent shadowing - Networking sessions 2010 Coverholder Events - EU coverholder event November, 60 European coverholders CH Technology Forum November, 25 suppliers Over 240 London market attendees MC/SM

57 What is coming up? – claims
Working to improve claims processes and response times… Understand current service levels - current process delays in London - MAs and brokers to provide turnaround times for claims bordereaux (TB letter) Consider options for improvement - consult with market on options Focus on co-lead claims handling - pilot of new process to start in May (LMA driven pilot) - leaders to look at claims in parallel rather than serially

58 What is coming up: use of Lloyd’s brand
Clearer branding guidelines - ‘show me what I can do?’ Brand Provide clearer brand guidelines for Coverholders Explore a sub brand for coverholders at Lloyd’s Explore brand possibilities Enhanced Lloyd's branded policy jacket Explore a coverholder branded certificate/plaque for approved coverholders Marketing factsheet Provide a marketing factsheet to help coverholders explain Lloyd’s to their clients

59 WHAT is coming up: other areas
Atlas, events and translated wordings ATLAS Training coverholders how to use Atlas Improving the Atlas front end so easier to use Events EU Coverholder Event (3-4 November) Audit conference (26 September) Coverholder Technology Forum (28-30 September) Translated wordings Model BA contracts (German translation pilot) Policy wordings (German translation pilot) Updated model contracts (consolidation of additional clauses)

60 status What is coming up: LLMIT 1 content “Lloyd’s introductory test”
Insurance principles Main classes of business Legal principles of insurance Reinsurance London market regulation Structure of London market Governance & operation of Lloyd’s Insurance intermediation in London Underwriting How business is transacted Premium & claims processes “Lloyd’s introductory test” Introductory stand alone qualification Basic insurance market principles & practice E- learning course & exam, globally available status LLMIT now available on line Develop factsheet to explain LLMIT Prioritise top US States to explore accreditation (e.g. California, N. York, Illinois) 60

61 APPLICATION PROCESS

62 Application Process Atlas Sponsoring Broker and Managing Agent
Business Plan FSA Approval / Licences Financials Insurance Key staff / Company Experience Systems / Business Continuity Standard bordereau Undertaking

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64 lloyd’s claims management – multiple dimensions a single objective phil godwin, senior claims manager, claims

65 Content Major Claims in Context Performance Management Framework
Catastrophe Response The Claims Process – today Transforming the Future 6. Priorities

66 Our focus is paying all valid claims swiftly
Major Claims in Context Press release 13 May 2011, net estimated ultimates: US$ 1.95bn – Japan earthquake and tsunami US$ 1.2bn – New Zealand earthquake US$ 650m – Australia flooding No material impact on Lloyd’s capital No expected Central Fund exposure Our focus is paying all valid claims swiftly

67 Directorate exercising powers approved by the Council
Performance Management Framework A highly regulated market: Regulated by the Financial Services Authority Lloyd’s Corporation regulates the Lloyd’s market via: - Council of Lloyd’s - Lloyd’s Franchise Performance Board - Underwriting & Claims Standards Framework - Performance Management Directorate Directorate exercising powers approved by the Council

68 Standards are a Minimum not a Maximum
Claims Performance Framework Lloyd’s requires all Managing Agents adhere to a minimum of : - Eight Lloyd’s Claims Management Principles Forty One individual claims Standards Enhanced Standards effective January 1st 2012 Lloyd’s Performance Management Directorate: - ensures adherence - provides market leadership - protects the Lloyd’s brand Standards are a Minimum not a Maximum

69 Enforceable & Applicable to every Managing Agent
Principles Framework Claims culture: embedded claims focus from top to bottom Training & development: appropriate skills & resources Proactive processes: efficient, timely claims handling Documentation: appropriate audit trail Reserving: consistent, timely, accurate Expert management: disciplined & proactive management Performance measurement: appropriate, regular Information sharing: co-operative claims agreement process Enforceable & Applicable to every Managing Agent

70 Where are Lloyd’s Claims Handled
Triggers for Local Handling Triggers for London Handling Lower value/high volume claims Sufficient local skill Outsourcing risk is not “material” Cost effective, good for the customer Higher value claims Complex claims Insufficient local skill Where delegation is a material risk Both approaches reflect what the customer wants

71 A Key Mechanism for Efficiency and Key Area for Risk
Delegated Claims Management Framework Ground Rules: High standards of due diligence pre-contract Clearly documented agreements/authorities Effective audit programmes/oversight The risk multiplies as relationships terminate Actively case manage to complete closure Loss Funds: Immediate access to settlement monies Balance reduced over time Residual monies reclaimed ultimately A Key Mechanism for Efficiency and Key Area for Risk

72 Significant Expertise in a Single Market in a Single Location
Claims Sector Groups LMACC – Lloyd’s Market Association Claims Committee BACG – Binding Authority Claims Group CSRB – Claims Service Review Board FIPI – Financial & Professional Lines Claims Group LRCG – Lloyd’s Reinsurance Claims Group LMECG – Lloyd’s Market Energy Claims Group Cat Co-Ordination Group – Cross Market Group Significant Expertise in a Single Market in a Single Location

73 Established & Consistently Proven Track Record
Catastrophe Response Corporation CAT Steering Group deployed Multi Disciplinary Group Gathering Situational Intelligence Directing & Advising Market CAT co-ordination group: Provide Leadership Establishing Task Forces Identifying challenges and solutions Lloyd’s Local Network Country & Regional Managers Established & Consistently Proven Track Record

74 Transformation Programme
The Present Claims Process Policyholder notifies claim Transformation Programme Retail broker Coverholder/ TPA Expert advisors Lloyd’s broker Lloyd’s ‘Leader’ Xchanging Claims Services agrees claims on behalf of following market Following Market

75 Via a programme of strategic & tactical activities
Transforming the Future Claims Transformation Programme Enhance Lloyd’s reputation for fast and fair claims handling To deliver: Faster transaction times Faster settlements Improved customer service Easier Market Access Choice Enhanced communication Via a programme of strategic & tactical activities 75

76 determine agreement party (s)
Phase 1 & 2 Pilot Subscription policies w.e.f ECF claims i.r.o policies issued on four COB w.e.f & XCS (on behalf of following syndicates) 2 1 Segmentation rules determine agreement party (s) Lead Syndicate Incoming Claim Incoming Claim

77 Pilot Claims – Agreement Parties
Incoming Claim + Second £5,000,000 + Discretion £100,000 - £5,000,000 + Second Leader £100,000

78 Concept Proven by Results, Pilot expanded at July 1st
Pilot Results So Far All data at 24th August 2011: Total claims in scope: 9,900 Split - 82% Standard, 16% Mid and 2% Complex Standard Claims Average end to end transaction times improved by 40% Concept Proven by Results, Pilot expanded at July 1st

79 Talent Initiative – Fifty Professionals over 5 years
Graduate Programme Market Personnel 12 month programme Two – Five years claims handling experience Participants alternate between formal training at Lloyd’s, mini market placements (~2 weeks) and project work Modular approach: Lloyd’s/The Market Legal Aspects of Claims Handling Provide fundamental understanding of insurance principles with core focus on claims Utilisation of variety of development methods, including hands-on experience 4 x 3-month Placements Lloyd’s Broking House Managing Agency Law Firm / Loss Adjuster

80 Multiple Dimensions, One Objective
Priorities Paying valid claims as quickly as possible: - Claims Transformation Programme - Talent – remains a key strategic priority - Making it easier to do business at Lloyd’s - Maintaining a strong performance framework - Broker/Client Feedback is key Multiple Dimensions, One Objective

81 David Lang Head of Claims
t: +44 (0) f: +44 (0) Sarah Gravestock PA to David Lang t: +44 (0) f: +44 (0) Philip Godwin Senior Claims Manager t: +44 (0) f: +44 (0) Helen Ashenden Senior Claims Manager t: +44 (0) f: +44 (0)

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83 Lloyd’s Next steps 83

84 UK – 2011 programme (supporting lloyd‘s key priorities)
Lloyd’s KS presentation to Durham Business School 14 April Birmingham KS presentation Aston Business School 3 May Manchester BIBA National Conference – Lloyd’s Stand & Workshop May Belfast Networking & Promotional Event May Bournemouth AIRMIC National Conference – Lloyd’s Stand & Workshop June London Reps Conference – engagement with MGAA June Lloyd’s AIRMIC Academy workshop July Lloyd’s Inwards Broker Programme – 50 regional brokers attending 7 September Lloyd’s Official launch of MGAA in the Old Library 8 September Weybridge Broker Expo South – Lloyd’s Stand September Lloyd’s AIRMIC Annual Lecture Cocktail Function – RW to host 27 September Birmingham KS presentation to Birmingham Insurance Institute 2 November Lloyd’s European Coverholder Conference – 15 UK coverholders to attend 3-4 November Lloyd’s KS presentation to Lloyd’s market November UK Coverholder visits on-site – approx 35 in first 12 months Ongoing UK Non-Lloyd’s broker visits Ongoing UK Sustain contact with media – Insurance Age, Post Magazine etc Ongoing The activities are not about critical masse or ticking boxes but they are linked back to our strategic intentions to consider writing more business via regional brokers and MGAs, but in a considered and disciplined environment. At a staff forum earlier this year RW spoke about the importance of brand recognition and as far as the UK is concerned we know that brand recognition is not necessarily an issue but it is really about accessing the brand too. 84

85 Proposals for 2012 BIBA 2012 – Lloyd’s stand
AIRMIC 2012 – Lloyd’s stand 2 x Regional/class of business events in the UK Expos – Coventry and Weybridge 2 x Inwards broker programmes On site visits for new coverholders – emphasis on education and brand Presentations to business schools and institutes 85

86 Further information Identifying/authenticating market practitioners - Information relating to UK - Becoming a Lloyd’s Coverholder - Becoming a Lloyd’s Registered Broker - Attending future regional events around the UK - Making a claim/lodging a dispute -

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