Market Looks to Latest Double Act to Bring Some Sunshine

The London market’s Roger Foord looks to the future and hopes that Lloyd’s can deliver on its plans.

In the late 1990’s Lloyd’s had a double act of CEO, Ron Sandler, and Chairman, David Rowland, who basically saved the Lloyd’s insurance market from its own activities, the reinsurance spiral, and ‘an imperfect storm’ of insurance and reinsurance disasters globally.

Since the Rowland/Sandler double act the management of Lloyd’s has continued on its ‘Morecambe and Wise’ endeavours to produce CEO and Chairman who can resolve the London market’s issues, which over the past twenty years have been to keep the business going and at the same time endeavouring to find new technology solutions to a ‘face-to ‘face’ market, intent on being successful without technology. The names are Prettejohn and Levene (Kinnect), Ward and Levene (the lap top), Ward and Nelson (Vision 2025), Inga and Nelson (TOM) and now Neal and Carnegie-Brown.

The latest team has replaced TOM with The Future at Lloyd’s (TFAL) has made the big issue to get the losses of the Inga Beale era back on a positive track but a world in which Lloyd’s ecosystem reinvents today’s community to create outstanding value . TFAL is only just getting into motion but its objectives have a John Lennon theme of Imagine.

Imagine a world where Lloyd’s uses data and technology to buy insurance quickly.

Imagine a world in which buying insurance from Lloyd’s is automated, instant and low cost.

Imagine a world in which capital has an easy way to access insurance risks.

Imagine high performing firms having fast track access to underwriting.

Imagine a world in which a claim is paid before the customer realises they have a loss.

The Lloyd’s market needs these endeavours to be a success, hopefully before the next double act takes over and starts all over again with their own ideas!