Lloyd’s of London Looks to Blockchain to Reduce Friction in Insurance Market

    By
    Richard Kastelein
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    On 18 November a seminar, hosted by Lloyd’s, brought together successful technology entrepreneurs and leaders from the London insurance market to debate the risks and rewards of technological disruption drawing insights from other companies and sectors which have already embraced technological change. Blockchain technology was certainly on the tongues of participants – and there was talk about how to take the London Market (major international insurance market) –  to use blockchain technology to improve data access and reduce costs associated with administrative paperwork.
     
    Financial technology presents huge opportunities for how the London insurance market operates in the future. 
     

    The event was chaired by WIRED magazine editor David Rowan, with contributions from Alastair Lukies from Innovate Finance, Justin Emrich, CIO at Atrium, Hank Uberoi, CEO of Earthport, Michael Mainelli, Executive Chairman of the Z/Yen Group, Aldo Monteforte, CEO, The Floow and Rhydian Lewis, CEO, RateSetter.

    The world is transforming at an unprecedented pace being propelled by the forces of rapid technological advancements and globalisation. Embracing change and new technologies is absolutely critical to the insurance industry’s survival.

    “At Lloyd’s we have always prided ourselves at being at the forefront of innovation in insurance. With London at the heart of the FinTech revolution, we are ideally placed to once again lead the way.”

    – John Nelson, Chairman, Lloyd’s

     

    In practical terms, the seminar engaged stakeholders with the long-term technological opportunities which enhance the new target operating model for the London market, known as TOM  (Target Operating Model). TOM seeks to build on current market practices whilst factoring in the most effective and appropriate use of technology possible and
     is a core component of the Market Modernisation proposal, set out by the London Market Group (LMG), to improve the ease of doing business in the London Market, locally and globally. Download the TOM document here.