Chubb CEO Says Lloyd’s Hasn’t Adapted to Changed World

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Chubb President and CEO Evan Greenberg offered positive words about new Lloyd’s of London CEO John Neal, though he cautioned that the venerable insurance marketplace has a long way to go to address “long-term structural issues.”

What’s more, Greenberg added, there is only so much Neal can do in his capacity to effect major changes.
“I know John Neal. I think he’s a good man and a good manager, and I wish the best of his role. “Said. . On the other hand, a marketplace alar and the unions have dedicated their individual responsibilities to subtitles, and Lloyd’s company has a lot to do about it. “

Greenberg sees Lloyd’s market as very important for the insurance industry, but sees a significant renewal of the organization.

. It has long-term structural problems, in my mind, it must ultimately handle, Green Greenberg said. P A business model where the business is looking for the market and entering the market. This is a model that worked very well before a globalized world and before a digitized world, and I think the world has changed. “

With that in mind, Greenberg said Lloyd’s model must adapt to model survive and stay intact Bunu.

Girme The cost structure is very high and the way you enter the market is very inefficient,. Greenberg said.

Inga Beale, the woman Lloyd’s took over as CEO, admitted that the reform process of Lloyd, which she started to deal with, was daunting.
At his former CEO, the Insuretech Connect Conference, his former CEO said he challenged even youngsters to go with the efforts to modernize the big marketplace, because even the old Lloyd’s way of doing business became “comfortable.” .

She said she was supported in her efforts to make it more digital, saying, gör There has been a tipping point for two years. L

Under his watch, Lloyd’s saw an increase in electronic placement volumes and launched Lloyd’s Lab, an innovation accelerator.

Neal also acknowledged that he was facing a challenge.

Ir When I start this role, it is important that we focus on maintaining the market’s reputation for innovation, accelerating our efforts to modernize the business we are doing and taking the time to listen to all our stakeholders. The future prosperity of Lloyd’s market, L he said.

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