Mark Geoghegan Speaks with John Neal, CEO, Lloyd’s of London
“If you look at one or two the other things we’re doing I’ve been quite anxious to ensure that we can recapture the magic cloak of innovation.” John Neal, CEO, Lloyd’s of London.
Has the Lloyd’s insurance market lost its buccaneering spirit? In the opening question in this interview, John Neal, delves into the strategies that Lloyd’s has undertaken to get the right measures in place to drive performance and growth.
In association with AdvantageGo, ‘The Voice of Insurance’, Mark Geoghegan sits down face-to-face with John Neal, to discuss turning Lloyd’s business performance around and its future vision
This was the first time Mark met with John in person since Covid-19, and in this very candid and honest interview, John sets out the vision for Lloyd’s 2021 and his plan to turn the market’s performance around through a revolutionary programme of reform.
Lloyd’s 2021 business planning process
As John says, “the ultimate measure of success is profitable growth,”, but the challenge is striking the right balance between both, a challenge that has only deepened since Covid-19 hit. Carriers around the globe are increasingly focussed on achieving underwriting excellence as their highest priority. In this chat, John set out the steps Lloyd’s has taken in right-sizing the market to get back to growth, with expectations that the market will grow by 12% in 2021.
John discusses how setting up syndicate-in a box, ILS capital, and other actions have fostered an environment where innovation can grow and flourish. No easy feat when considering that Lloyd’s Underwriting Room was closed for several months along with all offices in the City.
Holy Trinity of Lloyd’s Attributes
What makes Lloyd’s so special? Specifically, according to John there are three attributes that make Lloyd’s so unique and a credible home for companies. We won’t tell you what those three attributes are you, you’ll just have to listen to the podcast to find out.
Lloyd’s Blueprint Two
“Blueprint Two is where the rubber hits the road. This is where it gets real and where we set out to truly, truly transform the marketplace. It is a revolution.” John Neal.
The imminent release of Lloyd’s Blueprint Two, has the market abuzz. However, what did the market think about Blueprint One, was it too ambitious or not ambitious enough, and what lessons were learned from it that have fed into the new plan?
Culture framework for the future of Lloyd’s
Since Covid-19 hit, the insurance industry has had to rely on technology to transact business and it has largely been business as usual with minimal disruption. Underwriters are taking advantage of technology and predictive analytics to help drive decision making at the point of sale, and in our experience, this is where competitive advantages are to be found. But driving underwriting excellence is an ongoing exercise requiring significant and consistent changes in behaviours, achieved in incremental steps, day by day, transaction by transaction. On technology in the industry, John talks about how critical it is to Lloyd’s, but that some elements of genuine human social interaction can’t be replaced by it.
Do you think Lloyd’s striking the right balance between performance and growth? Hear this and more about plans for putting the Lloyd’s halo back in place.