Speciality insurance marketplace Lloyd’s of London has announced plans to launch electronic exchange next year as part of an overhaul plan.

The insurance syndicate said that as part of the three-year plan, it will transform its operations in accordance with its blueprint entitled ‘The Future at Lloyd’s’ in which it has outlined six new ideas.

According to the firm, Phase I will be delivered next year and will include early quick wins, as well as the launch of an electronic risk exchange which could periodically process as much as 40% of Lloyd’s risks.

Furthermore, Lloyd’s will unveil a solution that automatically triages claims to ramp up settlement and introduce simplified on-boarding for its coverholders.

Lloyd’s of London CEO John Neal said: “The extensive feedback we have received in progressing the blueprint has confirmed the preeminent place Lloyd’s holds globally in insurance and reinsurance.

“The support we have enjoyed to date has been essential to delivering Blueprint One and we are seeking the renewed commitment of all market participants to partner with us to achieve our vision to build the most advanced insurance marketplace in the world.”

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By GlobalData

In May this year, the insurance syndicate has revealed plans to split its operations into two automated exchanges and transfer much of its operations online to reduce operational costs and transform business.

This June, Lloyd’s of London said it is reportedly in discussion with American International Group (AIG) and Chubb to strengthen its US business.