Lloyd’s post-crisis review should tackle ‘old-fashioned’ processes, Bluefin says

Bluefin Insurance Group chief executive Stuart Reid has called for Lloyd’s to use its imminent strategic review to revamp its old-fashioned ways. “Any decision made in Lloyd’s is by committee. Hopefully it will look at streamlining and making more efficient the decision-making process which is often slow, laborious and old-fashioned.”

Lloyd’s of London has hired Deloitte to help it pinpoint and exploit opportunities in the post-crisis environment. A spokesman said: “We felt now was a really good time to do an in-depth review as there are obviously some challenges and opportunities we are facing. We want to pull together a plan in the next three years.”

Reid wants Lloyd’s to open up the market to all brokers. “I’d like it to have a look at the antiquated way in which people can access Lloyd’s. We are lucky enough to have a Lloyd’s broker, but your average 4,000 brokers in the UK only have access through wholesale brokers. That model needs attention.”

The review, to be published in January 2010, will be managed by Lloyd’s director and general counsel Sean McGovern.