Lloyd’s says its push to “supercharge innovation,” overhaul costs and reimagine its future has received overwhelming support during 10 weeks of global consultation.

Now it’s planning to publish a blueprint on September 30 that details its plans.

Reaching out for feedback from market participants, customers and other stakeholders on six radical initiatives generated more than 4000 worldwide responses, “with the majority reporting that they are confident the proposals will deliver the aims of the Future at Lloyd’s”.

The 333-year old insurance market will now begin to “build and deliver prototypes”, with some solutions coming into operation early next year.

The consultation process ran from May 1 to July 10, guided by a “Future at Lloyd’s” prospectus outlining the six key responses to industry challenges. It proposed the creation of a Lloyd’s Risk Exchange to place less complex risks in minutes, and at a fraction of current costs.

“The outstanding level of support we have received so far … demonstrates that the Future at Lloyd’s goals and proposals offer a compelling and relevant foundation on which we can begin building a blueprint,” CEO John Neal says in a statement.

“The reimagining of the Lloyd’s platform … offers our market an incredible chance to create the most customer-centric digital insurance platform in the world.”

Lloyd’s, which lost £1 billion ($1.8 billion) pre-tax in 2018 and £2 billion ($3.6billion) in 2017 after natural catastrophes spiked, warns that threats from new and traditional perils are rising but insurance-buying is not keeping pace.

It says the market must create products and services relevant to customer needs.

Discussion questions in the prospectus asked what it would take to cut the cost of insurance placement in half, and what needs to be done to make Lloyd’s more attractive to third-party capital.

Its ambitions include reducing “request to bind and policy issuance” leadtimes from weeks to days, as well as cutting acquisition and administration costs for the most common risks from 30-40% to 10-20%.