{"id":40090,"date":"2019-12-12T17:31:26","date_gmt":"2019-12-12T17:31:26","guid":{"rendered":"http:\/\/icloud.pe\/blog\/?guid=08f8aaf670a5fbcf63ec9c9c2049a01e"},"modified":"2019-12-12T17:31:26","modified_gmt":"2019-12-12T17:31:26","slug":"lloyds-of-london-will-invest-300m-in-digital-transformation-doctrine","status":"publish","type":"post","link":"https:\/\/icloud.pe\/blog\/lloyds-of-london-will-invest-300m-in-digital-transformation-doctrine\/","title":{"rendered":"Lloyd\u2019s of London will invest \u00a3300m in digital transformation doctrine"},"content":{"rendered":"


\n Roland Moore-Colyer<\/a><\/span>
\n <\/span><\/p>\n

\n
\n
12 Dec, 2019<\/span><\/div>\n<\/p><\/div>\n<\/div>\n

\n<\/a><\/p>\n

\n

Lloyd\u2019s of London has secured \u00a3300 million to fund a digital transformation overhaul to cut its costs and streamline its processes.<\/p>\n

A major part of this overhaul, dubbed Blueprint One, will involve the creation of new digital platforms.<\/p>\n

A \u201cdigital end-to-end platform\u201d will be used to create a portal and a suite of services for handling complex risks in the insurance and reinsurance market, with the goal of supplementing face-to-face negotiations.<\/p>\n

APIs<\/a>\u00a0will also be used to help connect the platform to insurance brokers\u2019 own systems, while centralised tools such as a tax calculator and compliance checker will help simplify processes. The platform will be supported with information taken from a common data platform.<\/p>\n

A digital Lloyd’s risk exchange will also be created for handling less complex risk agreements at high volumes, allowing for brokers to easily create and purchase policies, while also accessing Lloyd\u2019s products and services. To speed up the placement of risks and reduce their costs,\u00a0<\/span>algorithms<\/a>\u00a0will automatically rate the risks. Again, a centralised tax calculator, compliance checker, and data platform will help ensure risks are created effectively and above board.<\/span><\/p>\n

\u201cThe risk exchange will build on the market\u2019s current investment in e-trading platforms and other technologies to digitise the placement of less complex risks. It will not replace these systems, but will integrate them so they are compatible,\u201d explained the\u00a0Blueprint One document<\/a>. \u201cThis will benefit market participants by giving them access to a wider customer base, enabling them to leverage the Lloyd\u2019s brand, its global distribution network, economies of scale and lower costs.\u201d\u00a0<\/p>\n

A suite of other proposed changes, which will be funded by debt rather than charges made on the market\u2019s members, come in response to poor performance and complaints around the high cost of doing business with Lloyd\u2019s of London.\u00a0<\/p>\n

As such, the digital transformation process, which will enter its first phase next year, is not just a way for Lloyd\u2019s of London to improve internally but to also help bolster its insurance market.\u00a0<\/p>\n

\u201cThis first Future at Lloyd\u2019s blueprint marks an exciting new chapter for Lloyd\u2019s. It sets out how we are going to combine data, technology and new ways of working with our existing strengths to transform the culture we work in and everything we do \u2013 from placing risks and paying claims to attracting capital and developing new products,\u201d said\u00a0Lloyd’s of London\u2019s CEO John Neal.\u00a0<\/p>\n

This is yet another example of a long-established organisation undergoing a digital transformation doctrine. But such projects vary in scale, with Lloyd\u2019s of London\u2019s Blueprint One being a major undertaking, while other projects can be of a smaller scale, such as\u00a0the Department for Transport\u2019s goal to create a digital transport data mapping tool<\/a>.\u00a0<\/p>\n

Some projects can be\u00a0rather different altogether,\u00a0such as Massachusetts Police\u2019s use of Boston Dynamic robot dogs to sniff out bombs and explore hazardous areas<\/a>.<\/p>\n

Yet regardless of size and scope, there\u2019s a healthy\u00a0appetite for digital transformation<\/a>\u00a0in all manner of organisations and industries, with the goal of taking the latest technology and using it to streamline or redefine how an organisation operates. <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Roland Moore-Colyer<\/p>\n

12 Dec, 2019 <\/p>\n

Lloyd\u2019s of London has secured \u00a3300 million to fund a digital transformation overhaul to cut its costs and streamline its processes.
\nA major part of this overhaul, dubbed Blueprint One, wi…<\/p>\n","protected":false},"author":401,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-40090","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/40090","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/users\/401"}],"replies":[{"embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/comments?post=40090"}],"version-history":[{"count":2,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/40090\/revisions"}],"predecessor-version":[{"id":40097,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/40090\/revisions\/40097"}],"wp:attachment":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/media?parent=40090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/categories?post=40090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/tags?post=40090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}