Local brokers and underwriting agencies have been encouraged to participate in a survey that will be used to help guide Lloyd’s drive to “supercharge innovation”.

The market has opened up a global consultation process on its Future at Lloyd’s document, which outlines six ideas that illustrate how the market can respond to challenges.

These include the creation of a Lloyd’s Risk Exchange through which less complex risks could be placed in minutes at a much-reduced cost.

Lloyd’s plans to begin delivering on the proposals later this year.

Chris Mackinnon, Lloyd’s General Representative in Australia, says an online survey will be open for 10 weeks and stakeholders in Australia are encouraged to participate.

“Locally, we will also be conducting one-to-one interviews with stakeholders, running focus groups and seeking feedback through the industry associations,” he told insuranceNEWS.com.au.

The Future at Lloyd’s says the market “will ensure that buying insurance is faster, simpler and better value”.

Ambitions include reducing the time it takes from “request to bind and policy issuance” from weeks to days and cutting acquisition and administration costs for the most common risks from 30-40% to 10-20%.

Lloyd’s reported a £1 billion ($1.83 billion) pre-tax loss last year as the global industry faced a second tough year for natural catastrophes. It recorded a loss of £2 billion ($3.7 billion) in 2017.

Former QBE CEO John Neal took over as Lloyd’s CEO in October and said he would place a priority on modernising the market, continuing an innovation focus led by predecessor Inga Beale.

“Lloyd’s unique attributes – the ability to access unparalleled underwriting expertise, financial security and market access all in one place – are more relevant today than ever,” he said.

“However, a dynamic risk environment, combined with rapid advancements in technology, have fundamentally changed the world.”

More information on the document is available here.

See ANALYSIS.