Lloyd's said it has updated its Three-Year Plan, released in January 2006, and reiterated its vision to be "the platform of choice."
The outline builds on Lloyd's last plan and reports on progress made at Lloyd's throughout 2006, looking ahead to the next three years.
It covers key issues, including ways Lloyd's can be an easier place to do business for managing agents, brokers and capital providers, and provide a more attractive market for new entrants.
In his introduction, Lloyd's Chief Executive Officer Richard Ward said in a statement: "Lloyd's has a clear vision–to be the platform of choice–and a clear strategy to achieve it.
"We have made significant progress over the last year, and the market is in good shape, but we cannot afford to be complacent. To compete successfully in the global insurance industry we have to change the way we think and act. This plan sets out how we intend to do just that."
The rolling Three-Year Plan defines what it designates as the five core benefits of operating at Lloyd's. They are:
o A performance management framework which supports the achievement of superior operating returns.
o Capital advantages in which the benefits of mutuality outweigh the costs.
o Security and strong market ratings capable of attracting specialist insurance business.
o Access to major markets supported by a global brand and license network.
o Operations and processes supporting cost-effective, efficient transaction of business.
According to Lloyd's, each benefit is designed to be tailored by market participants to meet their individual needs and characteristics.
Lloyd's said there is a central core to the offer comprising minimum standards, a mutual and several capital frameworks, licenses, the market rating, and certain central services.
In addition to supporting the five benefit areas, Lloyd's said there are other significant issues that need to be addressed. These include:
o Metrics must be established to track performance and progress. The basic measurer is for the market to achieve superior cross-cycle, risk-adjusted returns relative to its peer group.
o There must be a reduction in costs and administrative and processing burdens.
o The corporation should do more to make Lloyd's attractive to new and existing businesses and capital providers.
o Continued cultural and behavioral change is required within the corporation to ensure it operates in a commercial and customer-focused manner.
The corporation said it will offer additional services and infrastructure which can be used as appropriate by individual managing agents.
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