Lloyd’s at the Movies!
19-Jul-23
Forever annoying his friends and family by spoiling films when pointing out various ‘insurance landmarks’ such as Leadenhall Market, the Walkie Talkie and the Gherkin, Richard thought to challenge Artificial Intelligence to re-imagine the Lloyd’s of London Building on the set of various Hollywood Blockbusters – with somewhat mixed results. The insurance industry has been asked to try and guess the films, and you are welcome to take part – the quiz can be found at the following link. Please submit your answers to richardjones@astoncharles.co.uk https://www.linkedin.com/feed/update/urn:li:activity:7084439093694062592/?commentUrn=urn%3Ali%3Acomment%3A(ugcPost%3A7084439092540665856%2C7084516156388036608)&dashCommentUrn=urn%3Ali%3Afsd_comment%3A(7084516156388036608%2Curn%3Ali%3AugcPost%3A7084439092540665856)...
What Next for Modernisation of London’s Insurance Market?
24-Feb-20
What Next for Modernisation of London’s Insurance Market? England has long been an international capital for insurance and finance, with bespoke policies, expert brokers and competitive prices drawing consumers from around the world. The year 2014 saw Britain exporting almost 100% more insurance and long-term savings than their closest competitor, the USA.[i] Much of this thriving industry is thanks to the London insurance market. The world-renowned insurance market place, Lloyd’s of London, has been in operation since 1686. Even 330 years ago, Lloyd’s was ahead of its time, monopolising sectors of the market. Over the centuries, Lloyd’s has continued to develop in line with a changing market place, in order to stay at the forefront of the insurance industry. In spite of this worldwide success, it is no time for the London insurance sector to become complacent. In recent years, London’s global export of insurance has begun to slow down, with competition from innovative start-up companies, benefiting from lower overheads and ground-breaking technological advances. Some time ago, Lloyd’s came to the realisation that modernisation was critical if they wanted to retain their leading edge, and began to plan new changes. Seeking transformation for such a huge market place has not been an easy task. A Target Operating Model (TOM) A Target Operating Model was initiated several years ago to completely overhaul the current system. The TOM involved 48,000 professionals from the London Insurance Industry at a cost of £250 million. It aimed to boost efficiency and make London an easier place to trade for insurance professionals. [ii] Unlike older attempts to reform the industry, this TOM was expected to be more successful, due to the wide range of input. This overhaul was financed by insurance brokers as well as insurers, meaning that a wider range of the industry was on board with the modernisation. Some experts believed that the fact brokers had not fully engaged with ...
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