The Challenges And Opportunitites Ahead: A Lloyd's Perspective - International Istanbul Insurance Conference - Shirine Khoury-Haq (2015)

1. © Lloyd’s 1
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©Lloyd’s 1
The challenges and opportunities
ahead: A Lloyd’sperspective
Shirine Khoury-Haq
International Istanbul Insurance Conference, 8th October 2015

2. 2 © Lloyd’s
Agenda
• Lloyd’s
• TechnologyinClaims
• Technologyin
Underwriting
• ChallengesinLondon
• Turkey

3. © Lloyd’s2012
FromCoffeeHouse…
First known reference
to Edward Lloyd’s coffee
house in Tower Street
(London Gazette 18-21 February 1688)

4. © Lloyd’s2012
► We have a long history of risk taking, dating back to 1688
► Lloyd’s is a market, not a company
► The Lloyd’s market insures complex and specialist risks
► London based international business
► Lloyd’s appetite for risk is tempered by 325 years of
experience and a Performance Management Directorate that
mandates responsible risk taking
► Regulated by the Prudential Regulatory Authority (PRA) and
the Financial Conduct Authority (FCA)
► Products are distributed through brokers and coverholders
Lloyd’sKeyCharacteristics

5. Vision2025
© Lloyd’s2012

6. Claims
© Lloyd’s2012

7. © Lloyd’s2012
Lloyd’sElectronicClaimsFile
► The Electronic Claims File (ECF) created a centralised online
repository for claim files
► ECF allows claim handlers to respond to claims without the
necessity of having a meeting with the broker
► Claims brokers still used but for client advocacy, not for
administration

8. Underwriting
► Machine Learning – current and futurerisks
► Telematics – leading to changes in motor insurance
© Lloyd’s2012

9. TargetOperatingmodel
Having an efficient operating model will benefit the entire distribution
chain of insurance
© Lloyd’s2012

10. Vision2025
To be the global centre for specialist insurance and reinsurance
©Lloyd’s 10

11. WhyTurkey?
©Lloyd’s 11
► Gateway to Asia and Europe
► Growing diversification of the insurance market
► Increasing opportunities for the local market to be innovative
and continue offering bespoke products to their clients

12. WhyTurkey?
©Lloyd’s 12
► Gateway to Asia and Europe
► Growing diversification of the insurance market
► Increasing opportunities for the local market to be innovative
and continue offering bespoke products to their clients
WhatwillLloyd’sbringtoTurkey?
► Bespoke insurance solutions
► New, specialist products
► Access to local decision makers
► Development of the wider insuranceindustry

13. © Lloyd’s
Globalcentreforspecialistinsuranceandreinsurance