1. From reform to managing change
Dr Richard Ward, Chief Executive, Lloyd’s

2. Lloyd’s today…
From reform to managing change September 2010

3. So we need to keep evolving…
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
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
New York Insurance Exchange (NYIE)
Move to resurrect the 1980’s NYIE announced in January. Technology will play a key part.
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
From reform to managing change September 2010

4. Embracing technology…
From reform to managing change September 2010

5. We’ve already seen dramatic change at Lloyd’s…
From reform to managing change September 2010

6. Considerable progress so far
We are on a journey to greater efficiency
But there is still work to be done
From reform to managing change September 2010

7. The Exchange is the next step on our journey
Working alongside Lloyd’s traditional face-to-face interaction between brokers and underwriters
From reform to managing change September 2010

8. One connection, multiple uses
From reform to managing change September 2010

9. But we need you to come along for the ride…
From reform to managing change September 2010

10. The benefits are many Improve customer service
Retain and attract business
Lower operational costs
Reduce operational risk
Improve capital efficiency
Create greater transparency
From reform to managing change September 2010

11. 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
From reform to managing change September 2010

12. Where we are at: message volumes
Total messages month by month and total cumulative messages
From reform to managing change September 2010

13. Where we’re going…
From reform to managing change September 2010

14. But most of all, we want to go from being known for this…
From reform to managing change September 2010

15. To being known for this…
From reform to managing change September 2010