Jennette Newman, partner at Clyde & Co and President of London FOIL, welcomes Lloyd’s new strategy launched today
“London FOIL welcomes the bold new strategy released by Lloyd’s today. The London market has been at a crossroads for quite some time and has long needed to clearly identify new routes to growth, supporting true innovation and defining strategies to attract new talent.
“We are particularly excited by the bold focus on the use of technology to re-shape the future of the market. The creation of a complex risk platform leveraging data and technology plus the fast track ‘syndicate in a box’ for the out-performers will help catapault Lloyds back where it belongs – a home for the best talent at the forefront of risk transfer. Combining this with an automated low complexity exchange will help address the cost issues which have seen more commoditised risk classes fail to meet the new performance standards keeps Lloyd’s relevant and in the game.
“London FOIL stands ready to work with the market in problematic areas such as data ownership and transfer, managing and reducing conflicts of interest and in the use of technology to share information and facilitate the adoption of smart contracts so essential to rapid claims settlement.
“Lastly, we are delighted to see the market commit itself to building a more inclusive working environment. Creating diverse and high performing teams is critical to what we do. I’m a passionate advocate of diversity, not just because it’s the right thing to do, but because it drives better business performance.”