Lloyd's has announced that the proposals set out in the Future at Lloyd's prospectus have received widespread backing from Lloyd's market participants, customers, and other stakeholders, as the consultation on the global insurance market's new strategy, launched on May 1, draws to a close and the blueprint build begins.

The prospectus proposed six transformational initiatives:

• A platform for complex risk that makes doing business easier and enables efficient digital placement of the most difficult-to-cover risks.
• Lloyd's Risk Exchange through which less complex risks can be placed in minutes at a fraction of today's costs.
• Flexible capital that can simply and effectively access a diverse set of insurance risks on the Lloyd's platform.
• A Syndicate-in-a-Box, which offers a streamlined opportunity for innovators to bring new products and business into the market.
• A next generation claims service that improves customer experience and increases trust in the market by speeding up claims payments.
• An ecosystem of services that helps all market participants develop new business and provide outstanding service to their customers.

According to Lloyd's, the initiatives generated more than 4,000 insights over a 10-week period, including almost 500 online survey respondents and 300 interviews involving more than 600 people. This engagement captured feedback from the market's ecosystem of participants, customers, and stakeholders in the United Kingdom and across Lloyd's global network, Lloyd's said, with the majority reporting that they were confident the proposals would deliver the aims of the Future at Lloyd's: Better value for customers through cutting-edge risk management products and services, simplifying access to the market, reducing the cost of doing business, and building an inclusive, innovative culture that attracts the best talent.

John Neal, Lloyd's chief executive officer, said, “The reimagining of the Lloyd's platform, through a set of plug-and-play ideas that could revolutionize the way we do things, offers our market an incredible chance to create the most customer-centric digital insurance platform in the world. The outstanding level of support we have received so far through our open and extensive consultation demonstrates that the Future at Lloyd's goals and proposals offer a compelling and relevant foundation on which we can begin building a blueprint.”