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From reform to managing change Dr Richard Ward, Chief Executive, Lloyds
© LloydsFrom reform to managing change September Lloyds today…
© LloydsFrom reform to managing change September So we need to keep evolving… Council of Insurance Agents & Brokers (CIAB) Partnering with LexisNexis to create an insurance exchange to improve the efficiency and transparency of the independent agent- based distribution system in US. Supported by a broker-controlled and operated entity called The Insurance Exchange Trust (IET). Qatarlyst Brings together international insurers/reinsurers and brokers to conduct insurance trading activities An electronic trading service to facilitate workflow, deliver documentation and provide effective management information - ultimately enable straight though processing capabilities Ruschlikon Initiative Group of large European reinsurers, (Swiss Re, Munich Re, Hannover Re et al) live in the UK, Europe, US and Bermuda. Rule book and implementation standard New York Insurance Exchange (NYIE) Move to resurrect the 1980s NYIE announced in January. Technology will play a key part. Netherlands electronic Insurance Exchange System (eABS) Owned & governed by the Netherlands Insurance Exchange Association (VNBA) Covers Placing, A&S and Claims - only Claims is currently live Will be mandatory for all members of the VNAB
© LloydsFrom reform to managing change September Embracing technology…
© LloydsFrom reform to managing change September Weve already seen dramatic change at Lloyds…
© LloydsFrom reform to managing change September Considerable progress so far We are on a journey to greater efficiency But there is still work to be done
© LloydsFrom reform to managing change September The Exchange is the next step on our journey Working alongside Lloyds traditional face-to-face interaction between brokers and underwriters
© LloydsFrom reform to managing change September One connection, multiple uses
© LloydsFrom reform to managing change September But we need you to come along for the ride…
© LloydsFrom reform to managing change September The benefits are many Improve customer service Retain and attract business Lower operational costs Reduce operational risk Improve capital efficiency Create greater transparency
© LloydsFrom reform to managing change September Where we are at: connections Managing agent, Broker and Company connections Managing agents connected as a % of total capacity Brokers connected as a % of total premium income IUA companies connected as a % of IUA members
© LloydsFrom reform to managing change September Where we are at: message volumes Total messages month by month and total cumulative messages
© LloydsFrom reform to managing change September Where were going…
© LloydsFrom reform to managing change September But most of all, we want to go from being known for this…
© LloydsFrom reform to managing change September To being known for this…
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