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Lloyd’s Europe focus on making business more efficient, faster and creating more value

Find out more about the first Lloyd’s European Coverholder Event

Mark Cooper

Head of European Branches, Chief Market Development Lloyd’s Europe

In November Lloyd’s Europe organized its first pan-European Coverholder Event, a virtual forum which from 2021 onwards we will aim to deliver each quarter as a more open and inclusive platform for discussion.

Coverholders are incredibly important partners for Lloyd’s Europe and our objective is to better support the Coverholder Community across a number of channels:

  • Firstly, to start a closer engagement with some of our most important partners in the field;
  • To outline what the transition from Lloyd’s Brussels to Lloyd’s Europe represents for the Coverholder community and why we have made this change;
  • To inform our partners of all the Lloyd’s initiatives to make it easier for Coverholders to place business;
  • And to give an update on the scope and objectives of three core developments underpinning our activities in Europe.

The action we are taking

Wherever possible we are reducing complexity and ensuring that we have the right people in the right roles and in the right locations. In order to build a Lloyd’s Europe team that works best for all the market stakeholders we are moving to a more unified and coordinated region under a single structure, single leadership and common identity. This means we can better support you, to help fulfil our shared European ambitions.

1

Commercial Task Force

With nearly 450 coverholders in Europe, we believe that there is significant untapped potential. We are committed to reducing cost and improving access as well as generating opportunities for smaller independent distributors and the adoption of better digitalisation models such as Workbench; a digital platform that supports the Coverholder placement lifecycle including submission, rating, quoting, policy generation, management, and cash handling, to make a tangible difference.

2

Lloyd’s Europe Commercial Strategy & its interface with Future at Lloyd’s

As the end of the transition period nears, we see Lloyd’s Europe as having a golden opportunity to reset and reposition our commercial priorities across the region. The foundations that have been laid are now enabling us to consider new initiatives that would not have been possible before.

3

Lloyd’s Europe Commercial Strategy & its interface with Future at Lloyd’s

As the end of the transition period nears, we see Lloyd’s Europe as having a golden opportunity to reset and reposition our commercial priorities across the region. The foundations that have been laid are now enabling us to consider new initiatives that would not have been possible before.

We identified six initiatives, to be assessed and validated, which focus on new ways to reduce the cost and complexity of accessing Lloyd’s Europe, as well as new revenue pools such as the growing public tender market. Public Tenders are an important segment in Europe and have traditionally been very profitable for Lloyd’s.  We do it well in Italy and France and we see a number of growth opportunities in other territories across the EEA.

All of the six initiatives currently being assessed are aligned in some way to the Future at Lloyd’s programme and we will be discussing all of these topics with the EEA Advisory Group before the end of 2020 to share feedback, aid collaboration and help shape our future strategy together.

Re-Watch the Lloyd’s Europe Cover Holder webinar, 2020

Check the full agenda and recordings of the event. Re-watch the debate on the Future of Distribution.

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Visit our Coverholder Section

This section outlines the coverholder and the service company application process, including how to submit an application and important requirements both pre approval and post approval. Find out more about Compliance and Operations, our Systems and Tools.

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Download our Delegated Authority Journey

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