Lloyd’s chairman calls underwriting room refurbishment “a handshake between old and new”

Lloyd’s chairman calls underwriting room refurbishment “a handshake between old and new” | Insurance Business Canada

Insurance News

Lloyd’s chairman calls underwriting room refurbishment “a handshake between old and new”

Closure lasts until September

Insurance News

By
Terry Gangcuangco

Lloyd’s has not lost sight of its historical roots, according to chair Bruce Carnegie-Brown (pictured above while touring the currently closed Lloyd’s underwriting room), who believes the ongoing refurbishment will usher in a new chapter that combines the new with the old.

In a statement on the upcoming changes, Carnegie-Brown said: “Updated boxes mirroring the spirit of their predecessors, while meeting the standards of modern ergonomics and lighting… upgraded services and WiFi connections… and from the colours to the typefaces, every detail reflecting and respecting the unique nature of Lloyd’s history and the bespoke nature of our building.

“But contrary to what some might believe, and to current debates around technology: these changes will not see old giving way to new – nor humans giving way to robots in some dystopian digital future. Instead, it’s a handshake between the time-tested models of the past and the brave possibilities of the future.”

For the Lloyd’s chair, transforming the underwriting room is “a handshake between old and new,” thoughtfully integrating human interactions with digital transactions; emotional intelligence with artificial intelligence; and learned experience with machine learning.

“To those who fear Lloyd’s has lost sight of its historical roots or its place in time and space: fear not. This is merely the next iteration of our market’s journey to underwrite the world’s risks,” he said.

“That journey has taken us from a coffee shop on Tower Street to our current home on Lime Street – with a few stops in between – each step dictated by the changing needs of our customers and the persistent growth of our market, which is why we must continue that evolution.”

Carnegie-Brown added: “All in all, I’m excited to usher in this new chapter. And as the scaffolding comes down, I’m ready to see how the new space supports our market’s growth and vibrancy as it continues stepping into the future.”

The Lloyd’s underwriting room and Galleries One and Two have been closed since July 10 and cannot be accessed until September 2023. The rest of the Lloyd’s building remains open, with Gallery Three serving as managing agents’ temporary home. Placing platforms, meanwhile, are not impacted.

What do you think about this story? Share your thoughts in the comments below.