Unsurprisingly, the Future at Lloyd’s took centre stage at this year’s TINtech London Market event. Many were struck by the scale of the proposed changes and what these meant for the market as a whole. From the talks and workshops that I attended, I have picked two key changes that will not only innovate but may redefine how insurance professionals access the market.
In the optimistically titled film ‘2001’, Stanley Kubrick introduced a world where AI (in the form of the cycloptic HAL-9000) was entrusted with the critical functions of a spaceship. HAL was considered infallible by its human masters. However, confused by conflicting priorities and orders, this led to unexpected behaviour and conflict.
When Lloyd’s released ‘Blueprint One’ in September last year, it was broadly met with approval from the market. However, calling the document a blueprint overlooks a great deal of information which still needs to be shared with (and accepted by) the market. So, with the next document due at the end of January, what did the blueprint say and what should we expect?
It's customary in any discussion of Blockchain to assert that there will definitely be a change to the insurance industry. We then go on to state a number of use cases unrelated or tangential to insurance (Land Title Registry, Fine Arts Ownership and Imogen Heap are the usual suspects). But the B3i initiative and other similar ventures are, at last, giving the insurance industry real examples to consider.
I had the pleasure of listening to a couple of gentlemen on one of my train journeys home this week. They were discussing Blockchain - with one of the individuals portraying himself as a Blockchain expert. However, I soon realised this was another example of someone picking up on the hype around this topic without actually understanding how it works or can be adopted.
Three days in Qatar in March, high 20’s and a room full of insurance experts – what could possibly take the edge off that? How about tigers on the loose on the streets and all the Brits in the room bringing inclement weather with them… the locals were not impressed on either front!
Last month, Eurobase spoke at the London Market Technology Exchange forum (www.lmte.london). The focus was on TOM (the Target Operating Model for the London Market). Joe Dainty, Global Head of Operations at Lloyd’s, was the keynote speaker and a hard act to follow. So, in order to give the audience something new to think about, we thought we would share some insights and similarities we recognise through our experiences of working in the Banking sector over the last 20 years.