Insightful article- the traditional dependence on brokers' judgement and honesty is encapsulated on handwritten slips with the briefest of notes describing complex risk acceptance.
Traditional document management systems will struggle and fail to deal with these slips but will have to. James Twining makes a telling point
"There is a grand strategy –Vision 2025– which is broadly sensible although it suffers, like most things at Lloyd’s, from an almost wilful disregard of the views or needs of brokers, its primary source of distribution."
Digital transformation will founder on the rocks of disillusioned brokers unless they get solutions that cater for the way they do business.
Then the telling point of 1,000 people employed to do what. The other side of the days of the Raj in India is that just 1,000 Civil Servants ran the whole country. Telling eh?
I do hope that that James's last comment below does not come true; it need not if they take advice from practical people who take the trouble to understand how brokers actually work. Then, of course, is the cultural and organisation transformation that is vital and without which technology will achieve nothing.
" For an organisation born in a coffee house, Lloyd's seems wilfully unwilling, or perhaps unable, to wake up and smell the coffee!"
Of course there is a need for face-to-face broking for some risks and you damage this part of Lloyd's unique offering at your peril. But at the moment, the tail is wagging the dog. Bronek Masojada, CEO of Hiscox was quoted in the FT in May this year as saying that 80% of what is done at Lloyd’s could be done entirely electronically. If true - and few are better placed than he to know - that is a devastating statistic.